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.
The Transfer on Death Deed (“TODD”) is a great alternative to transfer Washington State Real Estate and avoid probate. It works equally as well for any Washington State property owner, whether a U.S. Citizen, U.S. Tax Resident, or Canadian Non-U.S. Resident. [Read more…] about WASHINGTON TRANSFER ON DEATH DEED AVOIDS PROBATE
The Affidavit Lack of Probate (or “No Probate”) is a factual confirmation which supports that the rightful heirs are entitled to their interest in the property after the passing of the Decedent. It is recognized in many Washington Counties as a way to clear the Decedent’s name off title as an alternative to a probate. It may work for the estate of any Washington State property owner, whether the Decedent was a U.S. Citizen, U.S. Tax Resident, or Canadian Non-U.S. Resident. [Read more…] about AFFIDAVIT LACK OF PROBATE
Many Canadian Non-U.S. Resident property owners often desire to convey or gift all or part of their real property in Washington State U.S. to another family member. A common scenario involves a cottage and lot owned by several family members who are Tenants-In-Common, each owning an undivided interest. And eventually one family member does not wish to be an owner anymore. Or parents desire to transfer their real property to their kids before passing. But what the Canadian Non-U.S. Resident property owner may not realize is that in order to convey or gift over the Washington State U.S. real property he or she must comply with U.S. Tax Laws. [Read more…] about CAN I DEED MY U.S. REAL ESTATE TO MY CANADIAN RELATIVE?
The Community Property Agreement is the classic alternative for a husband and wife to transfer real estate in Washington State to avoid probate. It works equally as well for any spouses who are Washington State property owners, whether they are U.S. Citizens, U.S. Tax Residents, and/or Canadian Non-U.S. Residents.
[Read more…] about COMMUNITY PROPERTY AGREEMENT AVOIDS PROBATE BETWEEN SPOUSES
In Washington a trespasser may become the owner of property against a neighbor who does not occupy or defend his property over time based on Adverse Possession.[Read more…] about ADVERSE POSSESSION: CAN A TRESPASSER GAIN OWNERSHIP OF A NEIGHBOR’S PROPERTY?
A Buyer who has some indication of a potential defect in the property has a duty to make further inquiry and investigate prior to closing of the sale.[Read more…] about THE BUYER MAY HAVE A DUTY TO INVESTIGATE WHEN PURCHASING REAL ESTATE IN WASHINGTON STATE