We are back with another video, and today we're talking all about multi-generational living because it is something that's popular. Maybe it's not grandma and grandpa, but maybe you're living with your younger brother or sister or someone else in your family. Well, there are certain ways that you can do this to make sure that you all have equal ownership in the property.
One of those ways that we're going to talk about today is you can be tenants in common with rights of survivorship. Now, imagine you buy a house and maybe it has a attached dwelling unit in the basement. So a separate unit with a separate entrance. If you were three siblings and you all wanted to live there, you could be tenants in common with rights of survivorship. So let's say you're all three living there, and one of you unfortunately passes away or wants to sell your share in the home. The other two, if you get their permission, or if you pass away as one of the owners, will inherit those rights. So rights of survivorship means that they automatically will get those portions of the home, or can buy them out from the other person who no longer wants to be part of that home or be on the title of that home.
So when you're thinking about this, it can actually apply to a lot of different scenarios where maybe you're living with grandma and grandpa, or you have a sibling, or maybe you're three friends who all wanna buy a house together. But in multi-generational living this might be something that works for you because the power of three people buying, or more than two, or more than one actually, can be a lot greater, especially in an expensive market like Seattle.
So there you have it. A little bit about how you can hack the house hunting process a bit. And if you have needs of multi-generational living, this one might be for you. Thanks for tuning in. If you like videos like this, be sure to subscribe to our YouTube channel. You can click it right there, and you'll be updated on all of our newest videos. We'd love to help you if you're thinking of buying or selling in Seattle. Don't hesitate to reach out. We're always here to help. If you wanna know the value of your home we're happy to provide a custom market analysis. And if you're thinking about buying, we're here to talk you through the right steps to get into that dream home. Thanks for tuning in. See you again next week.