Who owns a property when it is jointly owned?

When a property is jointly owned, the owners are referred to as co-owners. These co-owners are generally either married couples or related individuals who have made an agreement to own the property together. In the state of Washington, co-owners of a property have what is called a tenancy in common. This type of ownership means that each co-owner has a distinct and separate interest in the property, regardless of the percentage of ownership. For example, if a married couple jointly owned a property with a tenancy in common, each spouse would own the property equally, despite one spouse having more money put into the purchase of the home. Washington law states that when a property is owned by two or more parties, the co-owners own equal shares unless it is specified otherwise in the written agreement. This means that each co-owner has an equal right to use, possess, and benefit from the property. It also gives each co-owner the right to sell, transfer, or lease the property, either with the consent of the other owner, or in the case of a dispute, through court proceedings. The written agreement between the co-owners should also state what will happen if one co-owner decides to sell or transfer their interest or passes away. It is important for co-owners to be aware of their rights and responsibilities as owners of a jointly owned property. It is also advisable for co-owners to create a written agreement outlining the terms of ownership and what will happen if either one of them decides to sell or transfer their interest.

Related FAQs

What is an encumbrance?
What is an escheat?
What is a title insurance policy?
What are real estate taxes?
What is title insurance?
What is a mortgage?
What are landlord-tenant laws?
What is zoning?
What is a deed of gift?
What is a deed of exchange?

Who owns a property when it is jointly owned?

Related FAQs

Related Blog Posts