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Dealing with 1031 Real Estate Exchange

Thursday, March 20, 2003 @ 12:41 PM EST Printer Friendly Page  Printer Friendly Page
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Contributed by: Brett McCoy

Brett McCoy Properties

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We are currently working with a seller that previously purchased his house through a 1031, by exchanging a piece of property plus 8k. We understand that he must wait a full year before selling. That date expires April 4th. What we are not sure of is, are there any other rules or guidlines that we need to follow to ensure that the purchase is complete? Also is there particular paperwork that we needs to tended to? Thank you for your replies, they are greatly appreciated!
Brett
 
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appreciated! tended plus particular exchanging they needs complete? property sure there dealing rules thank 1031, paperwork april must 4th. exchange year purchased other ensure selling. seller piece with understand full follow estate guidlines what replies, need wait 1031 /> brett currently through working real date previously expires house greatly purchase before also

 
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Re: Dealing with 1031 Real Estate Exchange (Score: 1)
by DaveT on Thursday, March 20, 2003 @ 06:32 PM EST
If the seller's property is participating in another 1031 exchange, then you may be asked to sign an exchange escrow agreement, and there may be a provision in your purchase and sale agreement that stipulates that you will cooperate with all parties to the exchange. In all other respects, the purchase of this property should proceed just like the purchase of any other property.

Otherwise, if the seller is just selling this property outright, then the fact that the seller had previously used a 1031 exchange to acquire this property should be transparent to you.

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  • Re: Dealing with 1031 Real Estate Exchange by BattleBorn on Thursday, March 20, 2003 @ 10:28 PM EST

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