Legal Question in Real Estate Law in Oregon

co owners

i have a bargain and sale dead that says :

Know ALL BY THESE PRESENTS that [Person One] hereafter called grantor, for the consideration herafter stated does hereby grant, bargain, sell and convey unto [Person One] [Person Two], not as tenants in common, but with rights of servivorship, hereafter called grantee, and onto grantee's heirs, successors, and assigns, all of that certian real propery, with the tenements, hereditaments and appurtenance thereunto belonging or in anyway apperataning. situated in ####### county, state of oregon. described as follows {description}

so did person one just give 1/2 half this house to person two, and is now equil partners in the property? the trasfer took place for 0 dollars. are both responable for taxes ect? if the house is sold are both intitaled to half of the equity of the house?

Thank you.


Asked on 9/17/02, 7:55 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: co owners

The deed you have uses the language that Oregon law requires when you want to create co-ownership in the property with a survivorship right. The survivorship right means that if one of the owners dies, the other owns 100% of the property.

At this point (assuming both owners are alive), both people own an undivided one-half of the property. Generally this means that both are responsible for their share of the expenses and both are entitled to to share in the proceeds (i.e. rents).

If one lives in the house and the other does not, then the person living there owes the other rent on 1/2 of the property. The person getting the rent is responsible for 1/2 of the expenses (for example the mortgage, taxes, and repairs).

The parties can change these rights and responsibilities based on a partnership contract between them.

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Answered on 9/17/02, 8:04 pm


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