Archives for February 2022

What is Tenancy-In-Common Ownership in Washington Real Estate? Tenancy-In-Common is one way for two or more persons to hold ownership together in Washington Real Estate. Each co-tenant owns an undivided interest in the entire property. This means that specific areas of the family cabin are not owned by one co-tenant or another but are shared as a whole collectively. There may be multiple co-tenants with the same or different ownership interests over time. Every co-tenant has the right to possess, use and enjoy the entire property. As a result, each co-tenant can do more or less what they want to do with their own interest, including sell, transfer and even encumber it without the consent of the other co-tenants. It is recommended that the co-tenants create a written co-tenancy agreement which specifies the rights and duties of each co-tenant including the payment of property taxes, utilities and maintenance as well as a right of first refusal in the event of a sale, transfer, death or bankruptcy. It is best to record the agreement or at least notice of the agreement with the County Auditor. The interest of each co-tenant passes onto their estate as there is no right of survivorship as in the case of a Joint Tenancy.

[Read more…] about TENANCY IN COMMON OWNERSHIP WASHINGTON REAL ESTATE

A Canadian who is a non-U.S. Citizen or non-U.S Tax Resident should plan in advance prior to buying real estate in Washington State, which is very different from buying real estate in B.C. and Canada.

[Read more…] about WHAT CANADIANS NEED TO KNOW BEFORE PURCHASING WASHINGTON STATE U.S. REAL ESTATE