Ownership Agreement For Co-owners In Washington
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
A defining feature of joint tenancy is the right of survivorship—if one owner dies, their share automatically passes to the surviving joint tenants, avoiding probate. In Washington, this can simplify the transfer of property between spouses or family members, especially for homes and real estate investments.
The Living Together section of Nolo also discusses various forms of contracts for unmarried people who want to share ownership of property. Also, because your shared home represents a major economic investment, you should hire a lawyer to help you prepare an agreement that meets your needs.
Co-ownership might entail more complex legal agreements, specifically outlining each party's rights and responsibilities. Joint property ownership usually involves a simpler, more standardised agreement.
Washington law imposes a 120-hour survivorship period for heirs of an intestate estate. So, if you die without a valid will, your probate estate would only pass to those heirs who lived another five days.
The 120-hour rule. Your transfer-on-death deed will be subject to Washington's 120-hour survival rule, which states that your beneficiary must survive you by 120 hours (or 5 days) to receive the property.
To create a joint tenancy with the right of survivorship, all you need to do is put the right words on the title document, such as a deed to real estate, a car's title slip, or the signature card establishing a bank account.
Having someone on the deed as a joint owner with rights of survivorship will avoid probate. Upon the death of one owner, title automatically goes to the surviving joint owner or owners. But all joint owners have equal rights in the property.
Consider the following risks before you embrace joint tenancy as a planning tool. Loss of control. Exposure to creditor claims. Unexpected tax consequences. Strained relationships. Lose use of testamentary trusts. Learn what your POA can and can't do. Choose your POA wisely. Review your POA selection periodically.
There are different types of co-ownership, including tenancy in common, joint ownership, community property and tenancy by the entirety. Each type corresponds to a different set of rules and allowances.