Resl Estate Q&A: Can I swap homes with a relative in another town?

Here are some top tips.

1. Look to incorporate large pieces that are solid as opposed to patterned. This provides for the most amount of versatility. 2. Infuse gray and cool tones in spaces that have an abundance of light and you desire to cool down. 3. Blend soft neutrals together such as tan, gray and muted pastels. 4. Incorporate tans and brown tones in spaces you wish to feel warm and cozy. 5. Use neutrals as a springboard to either a predominately neutral color palette or one in which you wish to infuse pops of color. 6. Blend metallics and florals into your neutral color palette. 7. Use rugs and artwork as an opportunity to bring in neutrals on a large scale. 8. Consider tactile materials as a way of softening a space. 9. Create a sense of contrast by pairing light neutrals such as taupe and gray with dark neutrals such as brown and black. 10. Consider pastels and pastel tones as a way to blend soft color into a neutral color palette.

Cathy Hobbs, based in New York City, is an Emmy Award-winning television host and a nationally known interior design and home staging expert with offices in New York City, Boston and Washington, D.C. Visit her website at cathyhobbs.com.

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Neutral furniture, bedding, toss pillows and accessories make for a feeling of calm in this bedroom.

Photos courtesy Scott Gabriel Morris/TNS

Real Estate Q&A:

Can I swap homes with a relative in another town?

By Gary M. Singer

Done correctly, house swapping can take much of the worry out of the process out of selling your home and buying a new one.

Photo courtesy Jason Finn/Dreamstime/TNS

Questions

I moved away from my hometown about a decade ago and want to move back home. My cousin wants to move to where I live now, and we think it would be good to swap our homes. Can we do this?

– Miriam

Answer

Yes, but there are plenty of details that will need to be dealt with.

While it is rare, house swapping, done correctly, can take much of the worry out of the process out of selling your home and buying a new one.

You can avoid streams of potential buyers visiting your home and avoid having to spend many weekends looking for your new dream home.

The process is much like a traditional home purchase. You will need to prepare two purchase contracts, one for each property, making sure to have each contract contingent on the other and set the closings for the same day.

Even though, or perhaps especially because you are family, it is essential to do your due diligence on your new home.

It would be best to have the homes appraised to ensure it is an even swap. If the properties are worth different amounts, the owner with the more expensive home can be paid the difference at closing.

If both houses are owned free and clear of a mortgage, no money has to change hands other than to pay for transfer taxes and closing costs.

Any mortgages on each property will need to be paid off, and you might need to get a new mortgage to do so. Some lenders can work with this uncommon type of transaction, but you may need to shop around to find one that can.

Treat this deal like you would a more traditional one. Have a thorough property inspection performed, get a title search, and arrange for title insurance just like any other closing.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Send him questions online at www.sunsentinel.com/askpro or follow him on Twitter @GarySingerLaw.

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