Attorney to assist seller with subto deal

[Juan Ayala]

Hello BP fam. I am looking for an attorney to help me with a subto deal i am selling in California. Also, the buyer wants to buy the property subto under their LLC. They are willing to PG. Will need an attorney to help me draft that personal guarentee and review closing documents. Thanks in advance.

[Stuart Udis]

@Juan Ayala I’ve never participated in a Subject To transaction and have limited knowledge but what’s the purpose of the personal guarantee? You guaranteed the loan that’s currently on the property. If the buyer fails to make payments wouldn’t you still be on the hook? I’m not understanding what protections the personal guarantee the buyer is willing to sign offers you? As far as I’m aware it doesn’t supersede the PG between you and the lender who originated the loan you are knowingly not paying off. 

Out of curiosity why not just sell the property? What benefit does this strategy provide you? Seems like a lot of unnecessary risk and exposure. Not to mention faith in someone else to make payments to keep your credit intact. I would never put my credit in the hands of someone else. Never.