Exchange of Real for Personal Property

Exchange of Real for Personal Property

While most of the exchanges between the purchaser and the seller involve real property, personal property can also be sold. Exchange for real for personal property, is the gateway document for such proceedings. Personal property that is exchanged involves asset’s that are split by nature and character of the seller and his/her property. The requirements for the purchaser to purchaser a real property and a personal property do not vary. Personal properties are categorized by the sellers as, depreciable tangible property, depreciable intangible property or non-depreciable personal property.

This exchange takes place when the owner of general stock of merchandise, agrees to deliver the purchaser his general stock of merchandise within a given time and date. In exchange to that, the seller agrees to exchange title and interest of the real estate, warranty deeds, and the mortgage payments for the same. This mortgage amount is displayed in the document for the knowledge of both the buyer and the seller, and which is agreed by the purchaser to pay. The year of exchange of the general stock of merchandise between the seller and the buyer is also clearly mentioned. The buyer and the seller then sign the document and the seller agrees to exchange his general stock of merchandise located in a specific property of a particular state or county as mentioned in the documents. Hence, if the seller and the buyer agrees to all the legal wording of the documents, then the seller can proceed further.

Exchange Of Real For Personal Property

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Sample Template Preview

Exchange of real for personal property.

This agreement made _________[date] by A, of _________ County, State of _________, and B, of _________ County, State of _________, provides:
B is the owner of a general stock of merchandise and a stock of machinery located in _________ in _________ County, _________.
A is the owner of _________ in the County of _________, in the State of _________, subject to a mortgage of $_____.
B is desirous of trading h? stock of general merchandise and machinery for the interest of A in h? real estate.
Therefore, the parties agree as follows:
1. B agrees on _________[date] to deliver to A the stock of general merchandise and stock of machinery. In consideration of which, A agrees to convey to B, all of h? right, title and interest in and to the above-described real estate, by warranty deed, and furnish an abstract showing good merchantable title in A, subject to the above-mentioned mortgage of $_____, which mortgage B is to assume and agrees to pay.
2. B agrees to pay the taxes on the stock of goods and machinery for the year _________[year]; and A agrees to pay the interest on the $_____ mortgage up to _________[date].
3. B agrees to rent to A the building that the stock of goods is now located in in the Village of _________, by written lease, for $_____ per month for the term of one month, with the privilege of extending the term of lease for the further period of one year, or any part of it.
4. The parties agree that the land which A agrees to convey to B for stock of goods and for stock of machinery is to be valued in this trade at $_____ per acre, the value to include mortgage of $_____. And the stock of goods and the stock of machinery is to be invoiced between now and _________[date] and valued in this trade at the amount of such invoice. And that if the invoice of goods shows them to be valued at more than the value of land over and above $_____ mortgage, the valuation including the mortgage of $_____, and being estimated at $_____ per acre as above stated, then A is to pay to B the amount that valuation of such goods exceeds valuation of the land. And if valuation of goods and machinery is less than valuation of land, then B is to pay to A the amount that valuation of goods and machinery is less than valuation of land.