Home exchange: Is it possible if the house is mortgaged?

What is a home exchange? First of all, we must clarify what the home exchange entails . When if the house buying a home, it is common for people to choose to sell their current property first, since in this way they are able. To obtain the necessary liquidity to be able to buy the new property. Except in the case of those who have enough money or have the possibility of applying for a mortgage loan for a second home and thus buying a second home. However, a home exchange is an option that allows you to avoid the process of selling and then buying. It consists, as its name indicates, of swapping; it is an operation in which two individuals exchange their homes without any financial compensation.

Exchange between individuals: How is it done?

First of all, the value of the two properties in question must be agree upon. This agreement must be made between their owners. Once this step has been complete, the next thing is to sign a contract where all the pre-establish Mexico Phone Number List conditions are. Then, the exchange deed is signe , it must be before a notary so that it remains in the Property Registry. Prior to the exchange, it must be that none of the owners have charges or debts. The last step will be the delivery of keys and documentation for the two homes in question . In the event that hidden defects appear later , which were not report as they should, article , of the Civil Code establishes that the party has the possibility of making. A claim for compensation for damages, or requesting full recovery of the damage. well delivere by the other party.

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What are the costs of a home exchange?

First of all, when a home exchange is carrie out, the notarial. And registration fees for the deed must be paid . These fees will be calculate on the price that has been agre for the property. Afterwards, it will be necessary to pay the Senegal Phone Number List Property Transfer Tax (ITP), its value may vary depending on the autonomous community. On the other hand, you must also pay the Tax on the Increase in the. Value of Land, better known as municipal capital gains. Lastly, you will have to declare the capital gain or loss in your personal income tax return. Is it possible to exchange mortgage homes? The answer is yes. There is the possibility of exchanging homes, regardless of whether the one in that situation is one or both properties. Of course, to achieve this, it will be necessary to have the approval of the banking entity , since it must admit the change of owner of the mortgage loan.

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