Page 14 - Washington Buyers Guide - SKAGIT County_FINAL_Neat

Common Ways of HOLDING TITLE

SOLE JOINT COMMUNITY TENANCY IN PARTNERSHIP/
OWNERSHIP TENANCY PROPERTY COMMON LLC

Parties Individual home Any number of Married persons Any number of Related or
buyer persons or registered persons unrelated parties
domestic partners

Division Individual holds Jointly own one and Ownership Ownership can Partnership/LLC
of Interest all interest in the the same interest, interests are be divided into holds title
property not undivided equal any number of
interests interests, equal or
unequal

Conveyance Owner has sole right All owners must Both owners Individual coowners Partnership/LLC
to use and dispose agree on use and must agree on do not sets parameters
of property disposition of use and disposition need the consent for use and
property of property, the of others to disposition of
interests cannot use or dispose of property
be sold separately individual interests

Death Property passes Property passes Half interest Individual’s Interest of the
to heir(s) or to survivor(s) retained by the interest passes individual passes
devisee(s) without going survivor and to heir(s) or to heir(s) or
through probate through probate half to heir(s) or devisee(s) devisee(s) which
devisee(s) through probate would become
through probate partner(s)/
members(s)

Remember there are many dierent ways in which owners can hold title. Don’t hesitate to call your title ocer to
discuss the best option for your circumstance.

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