3- owners ? on selling property

[4x4ski]

What is the name of your state? Washington

My Husband, myself and a friend purchased a home that we just finished remodeling. We are all on the 1st mortgage and deed, however, my husband and I are the only ones on the 2nd mortgage because the friend was over extended at that time.

My question is
1. Are we each entitled to 1/3 of the sales after both mortgages are paid. Remember we live in a community property state, but I believe we are considered 3 seperate people (even though we are married and it states our names husband& wife) on this sale?

Thanks for any info on this.

[HomeGuru]

Originally posted by 4x4ski
What is the name of your state? Washington

My Husband, myself and a friend purchased a home that we just finished remodeling. We are all on the 1st mortgage and deed, however, my husband and I are the only ones on the 2nd mortgage because the friend was over extended at that time.

My question is
1. Are we each entitled to 1/3 of the sales after both mortgages are paid. Remember we live in a community property state, but I believe we are considered 3 seperate people (even though we are married and it states our names husband& wife) on this sale?

Thanks for any info on this.

**A: in general yes but subject to specific partnership agreement.

[4x4ski]

There was nothing in writing just the names on the deeds and 1st mort. The 2nd mort is in our name only, but holds the home as the collateral.

There was a verbal regarding how to be split, but we want to make sure that the other person holds to his end of the deal and if not then we can revert to a 1/3 per person.

[HomeGuru]

Originally posted by 4x4ski
There was nothing in writing just the names on the deeds and 1st mort. The 2nd mort is in our name only, but holds the home as the collateral.

There was a verbal regarding how to be split, but we want to make sure that the other person holds to his end of the deal and if not then we can revert to a 1/3 per person.

**A: whenever there is a partnership, it is prudent to get all agreements in writing. It is not too late.