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Law Office of<br>
<strong>F.ANDREKITA SILVA</strong><br>
<strong>____________________________________________ </strong><br>
<br>
November 12, 2021<br>
<br>
Sam,<br>
<br>
In your case, does the divorce decree say the couple will hold the home as tenants in common? <br>
Or did the decree say they would sell and divide proceeds, and divorced couple decide <u><em><strong>after entry of the decree</strong></em></u> that they would hold it indefinitely together as an investment?<br>
<br>
Optimally, the decree itself should have set out all the requirements of the co-ownership. However, instead of just executing a quitclaim deed to each as tenants-in-common, if the decree doesn't detail the terms of co-tenancy, co-ownership, they should execute an agreement that addresses all issues that surface when there is co-ownership of a home. For example,<br>
<br>
1. Does either party get to live in the home? If so, which one? What if they both want to live in the home? How to decide?<br>
2. Who is responsible for the mortgage payments?<br>
3. Who is responsible for costs to maintain the home? Yardwork, broken windows, broken water pipes, furnace repair, etc.<br>
4. What are ordinary costs of maintenance and what are optional improvements? broken water pipes, furnace repair, Painting the interior or exterior, updating a bathroom or kitchen, etc.<br>
5. What if one party wants to sell/ improve and the other doesn’t want to sell/improve? <br>
6. What if one party can’t afford to pay costs for maintenance/ improvements and the other advances costs? How will they be compensated if and when the house sells?<br>
7. If one party lives in the home and pays the mortgage, do they get credit for mortgage payments upon the sale of the home? If so, how will that credit be determined (after subtracting fair market rental value? Based on how much it reduced the mortgage loan)?<br>
8. What will be the ADR process to use in the event of a dispute on any issue?<br>
<br>
There are probably other issues that need to be addressed (like whatever else is ordinarily in a rental agreement- like pets, etc.) but the above are the most common.<br>
<br>
andrekita<br>
Law Office of F. Andrekita Silva<br>
1325 Fourth Avenue, Suite 2000<br>
Seattle, Washington 98101<br>
206-224-8288<br>
www.seattle-silvalaw.com<br>
<br>
<br>
<br>
<br>
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----- Forwarded message from "Samuel M. Meyler" <<a href="mailto:samuel@meylerlegal.com">samuel@meylerlegal.com</a>> -----<br>
Date: Fri, 12 Nov 2021 16:58:45 -0800<br>
From: "Samuel M. Meyler" <<a href="mailto:samuel@meylerlegal.com">samuel@meylerlegal.com</a>><br>
Reply-To: WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
Subject: [WSBAPT] TIC Deed Language/Form<br>
To: 'WSBA Real Property Listserv' <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>>, <a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><br>
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<p class="MsoNormal">Listmates,</p>
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<p class="MsoNormal">Former spouses are fulfilling the terms of a divorce settlement and order. They have agreed to transfer the family home to themselves as tenants-in-common in different ownership percentages. Does someone have a template deed reflecting a transfer to TICs in different ownership percentages that they wouldn’t mind sharing? Bonus points if it is a template that fits the scenario of ex-spouses making such a transfer. Thanks!</p>
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<p class="MsoNormal">Sam</p>
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<p class="MsoNormal"><b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Samuel M. Meyler</span></b></p>
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<p class="MsoNormal"><b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Meyler Legal, PLLC </span></b></p>
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<p class="MsoNormal"><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>1700 Westlake Ave. N., Ste. 200</span></p>
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<p class="MsoNormal"><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Seattle, Washington 98109</span></p>
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<p class="MsoNormal"><b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Tel:</span></b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'> 206.876.7770</span></p>
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<p class="MsoNormal"><b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Email:</span></b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'> </span><a href="mailto:samuel@meylerlegal.com"><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>samuel@meylerlegal.com</span></a></p>
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