Steps to a 1031 Exchange*
- Contact 1031 Accommodators®, LLC prior to closing on your relinquished property to set up your 1031 exchange. This must be done prior to closing in order to accomplish a 1031 exchange.
- Deliver your sales contract to 1031 Accommodators®, LLC, either by mail, fax, or email, so that the appropriate documents can be completed and sent to the closing agent prior to the closing on your property.
- After the closing, the net proceeds are sent by the closing agent to 1031 Accommodators®, LLC and held in a secure escrow account.
- Identify your replacement property via a signed letter to 1031 Accommodators®, LLC by the 45th day following your closing.
- Once you have the sales contract on your replacement property, deliver it to 1031 Accommodators®, LLC so that the appropriate documents can be completed and sent to the closing agent prior to closing and the 180th day after the settlement on your relinquished property.
- Upon closing, the funds from the escrow account are sent to the closing agent.
- Once all documents are signed and returned to 1031 Accommodators®, LLC, you will receive a final copy of all the paperwork and a final accounting of the funds during the 1031 exchange.
*1031 Accommodators®, LLC will assist you with these steps to ensure a smooth and worry-free exchange.
For further reading:
- 1031 Exchange Basics
- 1031 Frequently Asked Questions
- Exit Strategies and Tax Planning of Mixed and "Dual" Use Properties.
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