[WSBARP] Tenants in Common Agreement for co-owner not on title

[msafren at jennylinglaw.com]

Hello Real Property Hivemind:

 

I've got an interesting situation and wanted to solicit your collective
thoughts and wisdom on this situation.  

 

In a nutshell, I've got two property owners who each have an interest in two
rental properties, but only one actually appears on the deed and deed of
trust.  The two owners want to clarify each of their interests, rights, and
obligations in the respective properties.

 

I suggested a tenants in common agreement (TIC Agreement), however, these
agreements are typically recorded with the County recorder and there is a
concern that recording the TIC Agreement could trigger the due on sale
clause within the existing deed of trust.  

 

Does the hivemind have any suggestions or ideas?  We could do a TIC
Agreement and simply not record it, but that would limit some of the
available protections to the property owner not currently on the deed.  

 

Thank you in advance!

 

Warmest regards,

Michael S. Safren, Esq. 
Attorney at Law 

14900 Interurban Ave. S., Ste. 280 | Seattle, WA 98168 
11900 NE 1st St., Bldg. G - Ste. 300 |  Bellevue, WA 98005 
P: (206) 859-5098 | E:  <mailto:msafren at jennylinglaw.com>
msafren at jennylinglaw.com 
 <http://www.jennylinglaw.com/> www.jennylinglaw.com |
<http://www.facebook.com/jennylinglaw/> facebook.com/jennylinglaw/ 

 


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