[WSBARP] Right of first refusal

[Margaret Delp]

Hello everyone:

 

The trustor of a revocable living trust has passed away, and the trust directs outright distribution to the trustor’s adult child. The only asset in the trust is a one-half share of real property co-owned with a friend of the trustor. This property is subject to a recorded property agreement in which each property owner commits to offering a first right of refusal to the co-owner to purchase the property in the event of death of one of the co-owners. The trust beneficiary would like to own the inherited one-half share of the real property outright, and the trustee believes the other co-owner would likely agree to this arrangement.

 

 Is it necessary to document that the co-owner waives the right of first refusal? If so, in what form and should the documentation be recorded in the county property records at the same time as recording the trustee’s quit claim deed to the beneficiary? If documentation is advised, would it be a notarized affidavit or declaration of the co-owner, a statement in the deed, or something else?  I would welcome any templates.

 

Thanks!

Margaret

--

Margaret Delp (she/her)

Delp Law, PLLC

Mailing Address: PO Box 292, Langley, WA 98260

NEW LOCATION:

5671 Crawford Road

Langley, WA 98260 (next door to Unity of Whidbey)

Phone: 360-579-4530

Fax: 360-512-3114

www.delp-law.com

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20251003/f4cb4a3c/attachment.html>