1031 Steps
The following steps detail your jouney through the 1031 exchange process:
|
|
Initial Consultation
and Discussion of Exchange Benefits
1031 Language for Purchase and Sale Agreement
Review Overall Checklist & Exchange Strategy
|
|
Obtain Purchase and Sale Agreement
Obtain Title Report
Prepare Facilitator Agreement
Prepare and deliver Assignment Agreement
Prepare and deliver Escrow Instructions
|
|
Confer with Exchanger’s Advisors as Appropriate
|
|
Review and Sign Escrow Documents
Deposit Exchange Credits into Trust Account
|
|
Prepare and Transmit Identification Form
Communicate 45 day and 180 days Deadlines
|
|
Follow Up Consultation
Discussion of Replacement Plans & Ideas
Referral of Additional Advisors
Receive and Acknowledge Receipt of Identification Form
|
|
Obtain Purchase Agreement
Obtain Title Report
Prepare and Deliver Assignment Agreement
Prepare and Deliver Escrow Instructions
|
|
Review and Sign Escrow Documents
Transfer Exchange Credits
|
|
Prepare a Summary Statement for Exchanger
Return any Excess Exchange Credits
|
|
Prepare IRS Form 8824 as an Optional Service
|
|
|
