[WSBARP] encumbering a partial interest.

[Eric Nelsen]

Agree with Kelby, though I think it might be possible for the tenants to rebut the presumption of equal ownership by evidence of unequal contributions to the purchase and maintenance of the property—which as a result would mean that the mortgage holder’s security could be on even less than 25% of the property.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kelby Derenick
Sent: Friday, July 7, 2023 1:08 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] encumbering a partial interest.

I believe that if the deed language is silent on the character then it is a TIC by default split equally between the individuals on the deed.  So it would be 25% each and each owner would have had to sign the deed of trust/note to encumber that owner's respective interest.

Kelby J. Derenick
Attorney

9414 State Ave., Suite E
Marysville, WA 98270
Ph: (206) 659-5061

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On Fri, Jul 7, 2023 at 1:04 PM Eric Nelsen <eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>> wrote:
You are correct: Chucklehead only burdened his own interest in the property. If all four names are on title, I don’t see any viable theory that would allow C’s signature on a deed of trust to also encumber the other three owners’ interests.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Craig Gourley
Sent: Friday, July 7, 2023 12:50 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] encumbering a partial interest.

Listmates,  I think I know the common sense answer to this question but I have little faith that common sense applies to most legal matters.    Facts-  4 people own a home together.  Their names are all on the title with no indication of percentage or characterization ( JT or TIC or ?).  One chucklehead goes and gets a loan without the knowledge or consent of the other 3 and gives a DOT against the property.   Chucklehead then dies and loan goes into default.  Lender is now foreclosing.  The question is this.  Did Chucklehead only encumber an undivided 25% intertest or is there some legal theory that he was able to unilaterally grant a security interest in the entire property to the lender?  Thanks much to anyone still in the office on a sunny Friday.

GOURLEY LAW GROUP
THE EXCHANGE CONNECTION
SNOHOMISH ESCROW
P.O. Box 1091
Snohomish, WA 98291
PH:  (360) 568-5065 (800) 291-8401
Fax: (360) 568-8092

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