Exchange Deed

Two neighbours in a Panvel layout each own a plot. One plot faces the road but is narrow; the other is wide but sits at the back. They agree to swap, with one paying the other a small sum to even out the value. No one is selling for cash, yet both are giving up ownership and taking ownership of something new. What is this transaction called, and what must the drafter do so that both transfers are valid and both parties are protected?

In two minutes

An exchange is a transaction in which two persons mutually transfer the ownership of one thing for the ownership of another; the law completes it in the same manner as a sale, so an exchange of immovable property is done by a registered exchange deed, and each party carries the rights and duties of a seller for what he gives and of a buyer for what he takes.

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