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Updated over 1 year ago,
Buying Subject To with 1031 and Escrow?
Hello,
I'm looking to sell a rental in TX and buy a new one in Idaho Subject To sellers existing loan. I would use proceeds of TX sale to pay the seller his equity leaving just his loan. I've been told by 1031 accommodator it would be an All Inclusive Deed of Trust where the seller has a note with me for the same as his loan balance. The home I'm looking at is on market with a listing agent. Can I go through a normal escrow process, or would I have to do a Grant Deed, Quit Claim Deed or something and just get it recorded at the county on my own without escrow because the loan would not be paid off during escrow? Not sure if the agent would want seller to go that route. Trying to figure out best way to move forward. Thanks, Clint