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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

Read more archived articles about U Make The Call

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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1031 complete? rules must working paperwork previously greatly guidlines year dealing 4th. full /> brett selling. appreciated! plus need expires they piece sure with seller also purchase wait what ensure before thank estate house date purchased tended understand follow april replies, through other real particular property needs exchange 1031, currently exchanging there

 
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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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