We’ve talked to neighbor about trading houses and he’s interested. (He’s a bachelor with a large 3BR house and there’s four of us plus pets in a tiny 2BR).
Assuming we had appraisals done and we’re both satisfied with results, is there some relatively inexpensive way for us to go about trade? Would it be something a title company could help with or would we need to hire a lawyer?
Replies
Title company IS A MUST. You don't want to do the trade and then find out you're neighbor owes 50k to IRS or his grandmother owns the house. They should be able to help with the trade too. (for a fee).
First of all it depends on the state. Some states require an attorney, but most of them use escrow/title companies.
But I still think that it would be wise to have an attorney draw up the contract and review the situation.
I don’t care what the state laws are hire yourself your own attorney that represents only you. Don’t make the mistake of thinking that if you are charged for attorney, he is your attorney. He may NOT be your attorney. You may be paying for the bank or escrow/title co. attorney.
This sound like it is could get very complicated real fast. If there mortgages to be paid off. The mortgage will have to paid off before banks will let it happen. If him or you don’t have the cash to make it happen you will need new mortgages and you will need qualify for the new mortgage.