Legal Question in Real Estate Law in Washington

property lien

We borrowed money from my parents with the understanding that when the property sells they would be repaid. How do i lien the property so that they get their money and not our creditors?


Asked on 12/15/04, 11:36 am

1 Answer from Attorneys
Bruce Busch Bruce R. Busch, Attorney at Law

Re: property lien

The most popular way of handling that is to execute a promissory note for your parents along with a deed of trust giving them security on the property. The goal is to have the deed of trust is superior to other secured creditors and all unsecured creditors if the property needs to be sold. I suggest you use the services of an attorney. The cost for a promissory note and deed of trust will probably run in the neighborhood of $300-600. It is WELL worth the expense for your parents.

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Answered on 12/15/04, 12:59 pm


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