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Case: We (buyers) found a single house we like and the Seller wants to down size to a townhouse and he happens to like our townhouse. So, we decided to do a house swap. Seller is working with a realtor and we aren't.
Question 1: I think I need to hire a real estate attorney to help me handle the transactions. Is there anything else I need to look out for?
Question 2: Is it better to do this swap as two separate transactions? If so, how do I make sure the purchase of the single house is contingent on the sale of my townhouse to the single house owner?
Question 3: Is it better to consider my townhouse as credit to offset the single house purchase price? How complicated will this transaction be? Can I save some realty transaction tax going this way? I live in PA where the buyer and seller pay 1% transaction tax separately.
I don't know PA real estate but yes, you need a real estate attorney or a REALTOR. I think it will be cleaner to have 2 transactions each contingent on the other, running concurrently and closing the same day.