Legal Question in Real Estate Law in Oregon

Joint Property Ownership - By Will

A friend passed away and willed me 50/50 ownership in a pretty nice piece of riverfront property with a cabin out in the country. The other owner is a mutual aquaintance of myself and the deseased. Probate has cleared and we have receipt of the recorded deed. Now I'm faced with a ''forced'' marriage of sorts since he and I each have an equal stake in the property. Both of our families have used this place as a getaway for a long time. It's only been a few months and so far things are going OK. I want to be prepared in the event something happens to sour the relationship, be it finances, personal differences, etc. Is there any standard means of setting up this partnership to protect myself in the event things deteriorate between us?


Asked on 11/28/03, 11:57 pm

1 Answer from Attorneys
Michael Zusman Evans & Zusman, P.C.

Re: Joint Property Ownership - By Will

At a minimum, you need an agreement that specifically dictates how to handle all the little things and big things that will come up over the years--repairs and maintenance, taxes, occupancy times, receipt of notices, buyout, sale of property, what happens if somebody dies or can't pay their share of expenses. The list goes on and on. One other important question: there are two kinds of joint ownership--tenancy in common and joint tenancy with right of survivorship. How this property was granted will possibly affect resolution of the other questions. The deed should say. You are damn right this is a forced marriage of sorts and you are smart to be looking for a solution up front for potential problems down the road. If you want to consult further, you can send me an e-mail. Good luck.

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Answered on 12/01/03, 1:14 pm


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