Legal Question in Real Estate Law in New Jersey
Our son would like to exchange houses with us. Both properties are valued about the same, 575,000 and each carries approx. mortgage of 300,000. What is the best way to do this?
Asked on 1/28/13, 3:05 pm
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
The hard part will be the mortgage loans. I doubt that the lenders have any way to do what you want without negotiating a new loan for each property. That can be done with some work provided that both parties are still credit worthy and the properties have no new encumbrances. If you need some help with it, give me a call or consult a lawyer who is close to you. Don't be surprised if no lawyer wants to handle both sides of the transaction. In a legal sense, you and your son have different interests.
See also: http://info.corbettlaw.net/lawguru.htm
Answered on 1/28/13, 7:14 pm
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