Mine, exchange, barter - all these words depict mutually beneficial conditions under which the parties to the contract transfer objects of equal value or value to each other. Such an arrangement can be much simpler than the same contract of sale, since it is devoid of certain formalities. A contract of gift or donation may also boast somewhat simplified terms, but this document still involves the transfer of money in exchange for real estate. As for the mine, you can get for your property apartment, house, a plot of land, agricultural land allotment, corporate rights, etc.
In order for the conditions to be truly mutually beneficial, an expert is conducted real estate appraisal, its market value is calculated and the condition of the object is indicated. Also, the contract itself may specify additional conditions, which are discussed in advance by the parties.
When the mine agreement is preferred
A real estate exchange can be especially beneficial if you:
- have encountered certain financial difficulties, therefore you seek to reduce the costs of maintaining your home;
- you want to move to another district or settlement;
- decided to replace the metropolis the suburbs or vice versa;
- you need to quickly reduce or increase the living space;
- you dream of buying real estate in a certain location, but you do not have enough funds for this;
- you want to minimize financial costs when buying a new home.
Also, exchange is often used in the distribution of inheritance under a will and in the division of jointly acquired property during a divorce.
Often, a mining contract is compared to a sale and purchase agreement. If you plan to spend the earned money on the purchase of square meters, such a comparison is really appropriate, since one exchange contract will essentially be the same as the sale of an apartment followed by the purchase of a new one. Thus, you omit an unimportant link and immediately proceed to the final result. Saving time is obvious, but there are also difficulties. So, for example, it is much more difficult to find an owner interested in an exchange than one who simply wants to sell his property profitably. Also, additional difficulties arise from moving, because this difficult process takes place simultaneously on both sides of the contract. It will be difficult to plan everything in such a way as not to get confused in other people's things. As for the bureaucratic side of the issue, you will definitely like it more, because with the exchange, the associated costs will be much lower - contributions to the pension fund are not expected, and the tax will have to be paid only once and for the real estate, the value of which is greater.
How to exchange real estate
Four main strategies for exchanging one property for another are widely known. They depend on the final result you are aiming for and on some other features of the agreement. Yes, if you already own an apartment, but you want to get another one instead, you can:
- sell your property and buy a new one with the money earned, but in the interval between these processes you will have to rent an apartment or live with relatives;
- make a counter purchase. This process is especially relevant in the distribution of property. Thus, joint ownership is put up for sale, and the proceeds are used to purchase several separate objects for each of the co-owners;
- exchange mortgage real estate. Until the final repayment of the loan, the square meters remain the property of the bank, so such an operation can be carried out only with its consent;
- conclude a mine contract. In its conditions, a clause on additional payment may be specified in the event that one of the objects is valued higher than the other.
In order to correctly define your goals and compare them with real opportunities, we advise you to contact a real estate agency for help. The expert will be able to adequately assess all the nuances of a specific situation and advise one or another scenario.
Documents for registration of the mine contract
The mining contract, like any other contract related to transactions on the real estate market, must be certified by a notary public. For its conclusion, you will need to prepare a number of standard documents:
- passport and personal identification number;
- a certificate confirming the appraised value of the property;
- title documents for confirmation property rights on the object (it can be a contract of sale, gift, etc.);
- technical passport for real estate;
- certificate with information about registered (prescribed) persons;
- an extract from the State Land Cadastre (if an apartment is exchanged for a house).
Additional certificates will be needed if we are talking about real estate that is jointly owned. Yes, you must prepare a certified document on the consent of the co-owners to carry out the operation of the mine. If the property belongs to a spouse, the consent of the husband/wife must be given. A divorce certificate should be attached in the event that love has died, and with it the rights to joint ownership of property. Also, do not forget about minor residents. To carry out an agreement with their participation, you will need permission from the guardianship service.
