[WSBARP] Tenancy in Common Agreement

[Eric Nelsen]

I think either could work. Depending on terms it might be more like a right of first refusal than an option to purchase. But in any event, you could put in a termination date that is comfortable far in the future to ensure that your client can be sure, if he doesn't want the property by then, he won't want it at all.

If you don't want a termination date at all, certainly a TIC agreement could work. You probably need a covenant as well, to agree not to sue for partition.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of nestor at pplsweb.com
Sent: Thursday, February 07, 2019 10:56 AM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] Tenancy in Common Agreement

A PC comes in and owns property with another couple. He wants to Buy them out down the road and they agreed. He is afraid that if they should die first, then the estate may or may not sell to him.

Is a tenancy in common agreement or option to purchase the way to go. My concern with the option to purchase is that it must have a termination date, if not it can be held unenforceable.

What do you my learned colleagues suggest?

Nestor Gorfinkel, Attorney at Law
Licensed in Washington & Florida
Florida Civil-Law (International) Notary

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