Expert: Dick Dennis - 9/28/2008

Question
Hi: We are interested in trading our property in New Hampshire with the owner of a property in Vermont. The properties are about an hour from each other. Is there a mechanism to have one simultaneous settlement even though the houses are in 2 different states? If it matters, it is not an even trade; one property is about $150,000 more than the other, so one buyer will either get a mortgage or come up with the cash difference. Denise

Answer
If you don't already have a Realtor with whom you can work to accomplish your goal, Denise, I would recommend you find one (should be a seasoned one of at least five years or more). Otherwise, a REAL ESTATE attorney would be able to handle your transaction. You do not want to take a chance. Make sure you have a professional handling this transaction. You may also need a CPA to make sure you keep any tax liability to an absolute minimum. I would also suggest that both parties share in the costs of this transaction equally. I do wish you well.

Dick Dennis