[WSBARP] [SPAM] Joint ownership of property

Thu Aug 7 14:16:18 PDT 2014

Plus JTs must own equal shares and that does not seem to be the case here.

Craig Blackmon
206-369-5949
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----- Reply message -----
From: "Klinger, Dustin R." <Dustin.Klinger at MillerNash.com>
To: "'wsbarp at lists.wsbarppt.com'" <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] [SPAM] Joint ownership of property
Date: Thu, Aug 7, 2014 2:00 PM

Why note just lease to the parents with rent credits for the improvements?
That seems to better reflect the deal and avoids clouding title.  

Right of Survivorship could run the other way if daughter died.

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of swhite8893 at aol.com
Sent: Thursday, August 07, 2014 10:32 AM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] [SPAM] Joint ownership of property

Ashley,

     While I agree that establishing a joint tenancy with right of
survivorship addresses the basic concern, I also foresee the possibility
of problems with that. The contribution of the parents is very contingent
yet they are being given equal status. Also, while I have not looked at
this in a while, I believe there is some old case law that says that if
the parents convey out their interest while they are alive, it converts
that interest to a tenancy in common. There would be nothing to prevent a
partition action. 

     One possible solution is to create a joint tenancy agreement
outlining what the rights and obligations of the parties are, and,
perhaps, limiting transfers, etc. These are usually not recorded but you
have to consider a BFP situation where a buyer would not be bound by the
agreement. So you have to consider recording, which puts their business
out into the public, which a lot of people don't want. 

Steve

Stephen Whitehouse

Whitehouse & Nichols, LLP

Attorneys at Law

P.O. Box 1273

601 W. Railroad Ave.

Shelton, Wa. 98584

360-426-5885

swhite8893 at aol.com

Dustin R. Klinger, P.C.
Partner

Miller Nash LLP

500 Broadway Street | Suite 400 | Vancouver, Washington 98660
Office: 360.699.4771 | Fax: 360.694.6413

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-----Original Message-----
From: Ashley Raymond <ashley at ashleyraymondlaw.com>
To: wsbarp <wsbarp at lists.wsbarppt.com>
Sent: Wed, Aug 6, 2014 11:02 am
Subject: [WSBARP] [SPAM] Joint ownership of property

I am meeting with some PC's next week. Daughter is selling her house and
will be purchasing a small farm and a house. Daughter is financing the
purchase. Her parents will be selling their place also and will be moving
in with daughter on the farm but will be paying for some
remodeling/improvements to be made at a later date.

Since parents will be contributing money to the property later on, how
could we go about ensuring that they have an ownership interest? 

Daughter has siblings and PC's want to ensure that when parents pass, the
property shall go to daughter.

Ashley Raymond, J.D., LL.M.

Ashley Raymond, PLLC

651 Strander Blvd., Ste. 215

Tukwila, WA 98188

Ph: 425-496-7495 | Fax: 425-523-3984

ashley at ashleyraymondlaw.com

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