Washington Buyer and Seller Guide for Title and Escrow

18 © Ticor Title Company VESTING: COMMON WAYS OF HOLDING TITLE Community Property Joint Tenancy Tenancy in Common Tenancy in Partnership Title Holding Trust Parties Marriage (husband and wife) Any number of persons (can be husband and wife/same sex marriage/ registered domestic partners) Any number of persons (can be husband and wife/same sex marriage/ registered domestic partners) Only partners (any number of partners) Individuals, groups of persons, or corporations, a living trust Division of Interest Owners and managerial interests are equal (Except control of business is solely with managing spouse) Ownership interest must be equal Ownership can be divided into any number of interests equal or unequal Ownership interest is in relation to interest in partnership Ownership is a personal property interest and can be divided into any number of interests Title Title is in the “community”. Each interest is separate but management is unified Equal right of possession Each co-owner has a separate legal title to his/her undivided interest Title is in partnership Legal title is held by the trustee; beneficiary has equitable title Possessions Both co-owners have equal management control Equal right of possession Equal right of possession Equal right of possession but only for partnership purposes Right of possession as specified in the trust provisions Conveyance Personal property (except “necessaries”) may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death Conveyance by one co-owner without the others breaks the joint tenancy Each co-owner’s interest may be conveyed separately by its owner Any authorized partner may convey whole partnership property for partnership purposes Designated parties within the trust agreement authorize the trustee to convey property. Also, a beneficiary’s interest in the trust may be transferred