[WSBARP] unmarried couple - property agreement?

[Kary Krismer]

What's the purpose of recording the co-tenancy agreement if there's a 
50/50 ownership?  I've always thought the only purpose of recording is 
to impart notice on third parties, and with the presumption being a 
50/50 ownership I'm not seeing what's accomplished if there is equal 
ownership.

Kary L. Krismer
206 723-2148

On 5/12/2020 12:10 PM, Gregory L. Ursich wrote:
>
> I agree with everything Dwight said.  Always, always have a co-tenancy 
> agreement and record it.  I have done several of those.  Also, 
> depending on the relationship, the parties can also choose to take 
> title as Joint Tenants with Rights of Survivorship, but you still 
> prepare and record a co-tenancy agreement.  -Greg
>
> 	
>
> *Gregory L. Ursich *
>
> Shareholder
>
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> *From:*wsbarp-bounces at lists.wsbarppt.com 
> [mailto:wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Dwight Bickel
> *Sent:* Tuesday, May 12, 2020 12:00 PM
> *To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> *Subject:* Re: [WSBARP] unmarried couple - property agreement?
>
>  I wouldn't buy real property with anyone without a co-tenancy 
> agreement recorded. No matter what is stated with respect to each 
> other's expectations, there should be a portion of the agreement that 
> is recorded to disclose limitations upon common law tenancy in common 
> rights and obligations, so it is binding upon potential successors in 
> title without actual notice of the agreement. Most important to limit 
> the rights of one co-tenant in the event of a lien, or acquisition of 
> title, by creditors of that co-tenant. I don't think the law would 
> support a prohibition against liens, like you cannot contractually 
> limit bankruptcy rights, but you can include a waiver of a right of 
> partition and include mandatory obligations to sell to the other.
>
> Dwight A. Bickel
>
> Washington Title Professional
>
> dwightbickel at hotmail.com <mailto:dwightbickel at hotmail.com>
>
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> http:/www.titleadvisor.com
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