Steps to a 1031 Exchange*

 

  1. 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.
  2. 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.
  3. After the closing, the net proceeds are sent by the closing agent to 1031 Accommodators®, LLC and held in a secure escrow account.
  4. Identify your replacement property via a signed letter to 1031 Accommodators®, LLC by the 45th day following your closing.
  5. 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.
  6. Upon closing, the funds from the escrow account are sent to the closing agent.
  7. 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.
    (Please Note: This file requires Adobe Reader. For a free download, go to www.adobe.com)