[WSBARP] unmarried couple - property agreement?

Wed May 13 07:05:10 PDT 2020

Thank you Craig, that list is helpful, thank you.  I'll refer to it if 
buyers ever ask why they need an agreement.

But my question was about the purpose of recording.  All those things on 
the list seemingly affect the parties rights as against one another.  Is 
there concern a creditor might execute and become the other co-tenant?  
Even there I think inquiry notice would protect the non-debtor 
co-tenant--assuming there was a writing. I'm just not seeing a purpose 
to recording the agreement.

Kary L. Krismer
206 723-2148

On 5/12/2020 3:13 PM, Craig Blackmon wrote:
> A good TIC Agreement addresses several important issues, far more than 
> just percentage ownership. See a simple outline attached.
>
> CB
> Craig Blackmon, Attorney at Law 
> <https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240>
> 92 Lenora St., Seattle WA  98121
> Office/Cell: (206) 369-5949
> On the blog: The Form 17, Explained 
> <https://seattlepropertylawyer.com/blog/seller-disclosure-statement-form-17-explained>
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> On Tue, May 12, 2020 at 12:27 PM Kary Krismer <Krismer at comcast.net 
> <mailto:Krismer at comcast.net>> wrote:
>
>     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
>>
>>     Skyline Tower, Suite 1500 | 10900 NE 4^th Street | Bellevue, WA 98004
>>
>>     P: 425.450.4258 | F: 425.635.7720
>>
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>>     *From:*wsbarp-bounces at lists.wsbarppt.com
>>     <mailto: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>
>>     <mailto: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>
>>
>>     www.linkedin.com/in/dwightbickel
>>     <http://www.linkedin.com/in/dwightbickel>
>>
>>     http:/www.titleadvisor.com
>>
>>     206-484-1976
>>
>>
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