[WSBARP] [SPAM] Joint ownership of property

[swhite8893 at aol.com]

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
 
 
-----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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