Definitive swapping of houses or apartments.
- No bank credit.
- Twice as many taxes and fees as a classic sale.
- The exchange works for any type of property (house or apartment) and regardless of price.
- Give yourself time to sell and buy well.
Definitive home swapping of his house or his apartment. There is only one transaction and agency fees are invoiced once and distributed to 50%/50% between the two new owners.
Definitive home swapping of his house or his apartment is an old solution, yet this one remains unknown.
The principle is simple, both owners agree at the same time. They transfer each other’s property. There is no need for funding, only one notarial act is enough. There are often two types of trade. The temporary exchange is for holidays and short or short term availability for 6 months or 1 year. The type of swap presented here. Final exchange is equivalent to a conventional property transfer but without bank, without financial contribution and in a single crossing at the Notaire. Trading his home or apartment is an alternative real estate solution to collaborative real estate values.
Definitive swapping of houses or apartments, the principle
Two houses or apartments, main or secondary residences, are estimated of the same value. The owner of one finds the other at his gout and vice versa. They swap their houses in a single transaction. If one of the goods is of another value, the swap remains entirely feasible. In this case, the owner seeking the much more costly one adds the difference between the valued value of his good and that of the other well, the balancing payment. It can be made, in agreement between the parties, in real estate or securities (cash, works of art, car, appliances, furniture,…). The relief is paid to the Notary when signing the authentic act and then returned to the other owner.
Benefits of definitive home swapping
The process is simplified and funding facilitated. In the classic pattern the owner must first sell the first time. Then he has to find a new house that is suitable. Then he must go back to the Notary again. With the definitive swap one passage is needed.
Everyone has the guarantee of finding a property that corresponds to expectations.
The final exchange has been adopted by municipalities for a long time. It is less known to individuals even if more and more people are interested in it. The transaction is simpler, saves time and allows the economy to cost on all sales, including taxes (Notaire).
The transfer rights are reduced, they are divided by two. Owners do not need funding including a margin of security. Definitive home swapping of his house or his apartment. They know perfectly well their future housing without having sold or used a credit. No funding for a final exchange without balancing payment, the exchange being realized on the real estate value of each.
The classic pattern is often very costly, initially with a relay credit and then a classic credit. Even in case of balancing payment, agreements are possible to avoid going through the bank such as the contribution of the securities supplement or a forward sale.
Definitive home swapping, limits
Definitive home swapping of his house or his apartment. The mortgage credit in repayment has not been repaid in advance unless it is secured by a mortgage, as in a forward sale. In the case of a mortgage, the exchanged property must be free. There is therefore no process to be done in connection with a credit covered by a credit-type credit. Guarantees are not based on the property, but on a personal guarantee. In the case of joint ownership or indivision, the agreement of all owners or co-owners must be obtained to make the swap possible. The owner can choose the definitive swap provided he is the full property of his home or apartment. In the case of dismemberment (usuberry and bue-ownership), the agreement of both holders is mandatory. In case of shared ownership, all holders must give their consent.
The balancing payment is paid by one of the owners to offset the difference of value between the two properties. It will be settled when the authentic act is signed and will be handed over to the Notary or a lawyer (it depends on countries and regulations). It is subject to the registration fees which will be paid by the buyer, who has obtained the house or apartment with the most important value. These are the main limits to swap your home.