LIST PROPERTY: List the property with a licensed Real Estate Broker and include “intent to exchange” disclosure in the listing agreement. To start the process call Mark at 360 903-3113.
BUYER ACKNOWLEDGMENT: In the purchase agreement for the Relinquished Property include provisions informing Buyer of the Seller’s intent to exchange.
CONTACT 1031 EXCHANGE COMPANY: When escrow is opened on the Relinquished Property, just give us a call to start the exchange process.
RELINQUISHED PROPERTY CLOSING: All exchange documentation will be sent to escrow and must be executed prior to transfer of Relinquished Property to the buyer.
PURCHASE OF THE REPLACEMENT PROPERTY
IDENTIFICATION DEADLINE: Within 45 days of the close of the Relinquished Property notifyFirst American Exchange in writing of “Like Kind” Replacement Property.
SELLER ACKNOWLEDGMENT: In the purchase agreement for the Replacement Property include provisions informing Seller that Buyer is completing an exchange.
REPLACEMENT PROPERTY: Notify First American Exchange when you open escrow on the Replacement Property. All exchange documentation will be sent to escrow for your execution.
ACQUISITION DATE: Close escrow on the Replacement Property within 180 days from the transfer of the Relinquished Property. The Replacement Property must be acquired prior to filing your tax return for the year the Relinquished Property was transferred. An extension to your tax return may be necessary.
IMPORTANT: To be fully tax deferred, acquire replacement property equal or greater in value, equity and debt (unless additional cash is added to offset debt relief).
Have additional questions for us? Call Dave at: (503) 939-4241.
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