SubTo-How to Hold Title in WA / Attorney Referals

[Matt Huber]

I'm looking at purchasing a property subject-to in Washington state. I own a few properties but this would be my first subto deal; I'm looking for any anecdotes from those who have done such transactions in Washington state. Specifically, I'm trying to figure out how to hold title (it sounds like land trusts are a no-no in WA) and deal with insurance after purchase. 

Also, referrals to trusted attorneys for advice, contracts and/or closing are appreciated. Many thanks to everyone in advance!

[Michael Haas]

@Matt Huber as Ken has mentioned definitely proceed with caution. We typically structure these deals as exact wraps, which is only different than SubTo in that there is an actual payment agreement with the seller, not just a commitment to pay the mortgage. They get you to the exact same place but my understanding is that this structure is a bit more legally clear and justifiable, whereas true SubTo is usually seen as more negative/problematic for the seller. 

We've done enough of these transactions to be dangerous, but not enough that I would suggest I have a roadmap for them or have discovered all the "gotcha's" and pitfalls. Our first ones were definitely a struggle, and although I've never paid one of the guru's a do wonder if I had done so whether it would have made learning the process easier. As most on Bigger Pockets know there's a lot of folks selling information and coaching right now, and some of its isn't that valuable or applicable. 

Good luck!