Before you start to make any moves about your property, it is worthwhile to understand the terminology. What is the exchange of real estate? Exchange is a transaction not only for the exchange of housing with another person, but a forced measure for the purpose of resettlement and congress. The main difference between them is the number of documents issued.
According to professionals, this deal is one of the most difficult in the entire property market in New York. Therefore, if you decide to take up the exchange of apartments, it is best to use the services of a specialist. Of course, you can do everything yourself. In this case, it is worth familiarizing yourself with all the details in carrying out this operation.
The process of exchanging apartments consists in the fact that two participants transfer each other’s houses to each other, formalizing the property rights, conclude a notarial contract. But it only seems superficially that everything is simple. However, it is worth taking into account a lot of nuances that can accompany this matter.
So, the main document is a contract, in which all the terms and conditions of the future transaction are prescribed in detail. Conclude such a contract should be in the presence of a notary. Thus, you can transfer to it the responsibility for observing the legality of the operation, as well as all the requirements that the parties put forward. In view of the fact that exchanges can be of several types, transactions are made in different ways.
Originally you, as a person who wants to make an exchange of real estate, need to know its market value. Prices can be learned from local sources, and you can also contact the Bureau of Technical Inventory. After the application, appraisers will come to your home and will review the premises. Based on this, a conclusion will be drawn on the value of the apartment. As a rule, people rarely turn to this structure, because the cost is mostly underestimated and it is not profitable.
Particular attention should be paid to ensure that the apartment involved in the transaction was privately owned. In practice, very often there were cases when the case was fully completed, but it turned out that the apartment is in temporary use, or is pledged to the bank, borrowed, etc.
One type of exchange is the exchange of apartments in New York directly. This is very convenient because the cost is determined independently by the parties and is estimated by both people approximately the same. In this case, there is no need to make an additional payment — just registration of property to each other.
If the transaction is not equivalent, then the contract should reflect the amount and indicate in what form the payment will be made. Forms can be different: compensation by money or any other property (car, land, etc.). Sometimes, in order to avoid paying taxes, the exchange participants agree that the cost of the apartments is equivalent, and the surcharge is made, nowhere it is not reflecting. In case of a big difference, its value can be challenged in court.
As we said above, the important thing is the form of ownership. If the housing is privatized, then everything is formalized just like in the sale. If the apartment belongs to the state, then you need to privatize it. Or your property is a social housing, then in this case the landlord’s permission to exchange social housing. All these are very costly processes both in time and in means: you will have to collect a lot of different references and bypass many instances.
After drawing up the contract, you need to register it. Some more documents should be attached to it, among which there must be information on the absence of tax arrears on someone inherited from someone or someone’s house, notarized consent for exchange from spouses or other persons entitled to this living space. Also, if an incompetent person (disabled person, minor child) is registered in the apartment, then the permission of the guardianship authorities is necessary to complete the transaction.
Of course, not always in life it’s that simple. And often cases of direct exchange of an apartment are impossible and it is necessary to make many different manipulations. In the event of a change in the plans of one of the participants, everything can drastically change. In this case, please contact the exchange of housing for help in a real estate apartment. At the very beginning of the transaction, ask them to check both the person and the apartment and if there are any incomprehensible moments, then you should know about all this.
At the end of the article, you can sum up and point out that you must find out the value of your housing. Either in BTI, or from local newspapers in the section selling apartments in New York, the best way is to seek help from a real estate company, rather than deal with it yourself. At the same time choose a company that has a license to conduct such transactions in any case, do not give a general power of attorney to conduct your affairs to anyone and never.
And also always keep a passport, military ID and other documents with you. Personally, be present in the notary’s office, carefully read the contract. Pay attention to that there is no free space between the lines. Must be a date.
Be careful, pay attention to any little things, if you see that you are trying to deceive, contact the appropriate authorities for help