leins???

[4x4ski]

What is the name of your state? Washington

We purchased an ivestment home with 3 of us on the deed. My question is my husband & I borrowed money from our parents to put into this home. To purchase carpeting, do the repairs, etc. Now we have the house on the market and I want to make sure that they get their money back. If it was just my husband and I on the deed I would not have a problem with this. However there is a friend on this also and they always say never trust anyone. Should we have our parents file a lein on the property and if so what kind and where can I find the paperwork?

Thanks in advance

[Souix]

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

We purchased an ivestment home with 3 of us on the deed. My question is my husband & I borrowed money from our parents to put into this home. To purchase carpeting, do the repairs, etc. Now we have the house on the market and I want to make sure that they get their money back. If it was just my husband and I on the deed I would not have a problem with this. However there is a friend on this also and they always say never trust anyone. Should we have our parents file a lein on the property and if so what kind and where can I find the paperwork?

Thanks in advance

**What was your agreement with your friend with regard to the money that was lent?**

[HomeGuru]

Did this 3rd person also agree to repay the loan from your parents out of the proceeds of sale? I would think that your parents would submit a writtten invoice/statement to escrow so that they would get paid first before the net proceeds check is cut.

[4x4ski]

Our friend knew we were borrowing the money because he had no one to borrow it from so we did and he is aware of it and that it needs to be paid back. I just want to make sure this happens.

TIA

[Souix]

Originally posted by 4x4ski
Our friend knew we were borrowing the money because he had no one to borrow it from so we did and he is aware of it and that it needs to be paid back. I just want to make sure this happens.

TIA

Then just have your parents submit thier invoice and/or accounting to escrow with instructions that escrow pay your parents from the proceeds.

[HomeGuru]

Escrow may require all owners to approve.