Harrison K. Long
Realtor & broker
Explore Group Properties, Coldwell Banker Previews
http://www.BuyersExploreHomes.com (The Best Web Site For Property Searching)
On regular sales, California uses Escrow Officers to close the sale, where other states use Real Estate attorneys. You should talk to an attorney if you have questions that escrow cannot answer. It's also advisable that you use a real estate agent to handle all the contracts & legal liability. Their commission can be negotiable.
Any further questions, please contact me. With Prudential being a full service agency, we can offer free legal advice with on on-staff attorneys.
Prudential California Realty
First let me say, use extreme caution.
Next, there are a million ways to sell and buy a home. Just think of this as another way. "Full Trade" means that you buy his home and he buys yours, but what is his home worth? I can sell you my home for 2 million, but its really only worth 1 million. Thats not a good deal for you!
"Covering Expenses" he is probably referring to trading loans. Again if he has a loan of 1 million and the property is only worth $500,000. That is not a great deal for you.
Please contact a knowledgeable real estate agent or attorney to advise you.