What language for closing dates do I include in a real estate purchase agreement for a 1031 exchange?
I am doing a 1031 exchange. Selling a property with a closing date of 18 April. I am proposing a closing date of 26 April on the purchase of this property. Will my 1031 exchange verbiage in this draft suffice?
12
7
Solved
For your 1031 exchange, it's critical that the contract reflects the timing and procedural details needed to qualify for the tax deferral. The 1031 exchange language should outline the identification period (45 days) and the exchange period (180 days), as well as specify that the property you’re purchasing is part of the exchange. As long as your draft includes clear verbiage regarding these deadlines and the identification of the replacement property, it should suffice. However, keep in mind that coordinating your closing dates with the timelines involved in a 1031 exchange is essential to avoid any complications.
0
Residential Real Estate Purchase Agreement
Create Document
Full Conversation
I am doing a 1031 exchange. Selling a property with a closing date of 18 April. I am proposing a closing date of 26 April on the purchase of this property. Will my 1031 exchange verbiage in this draft suffice?
Lexi, Chatbot
Is there anything else the Real Estate Lawyer should know before I connect you? Rest assured they'll be able to help with your 1031 exchange.
No.
TJ, Esq.
Hello! My name is TJ and I’m an attorney. Thanks so much for the opportunity to assist you! I reviewed what you wrote and I’m about to post my initial answer. While I finalize that, can you please let me know if you’re available for an online chat right now?
TJ, Esq.
I’m happy to review your documents! However, please note that if the document is more than 3 pages, there is an additional cost because of the time and effort required for a detailed analysis. Please specify the page count here, and if it’s more than 3 pages then you’ll get a personalized price quote through the website. Thank you!
Yes, I am available.
Are you there?
TJ, Esq.
Hello again! Yes, I am here!
TJ, Esq.
Maybe this message didn't get through the first time:
I’m happy to review your documents! However, please note that if the document is more than 3 pages, there is an additional cost because of the time and effort required for a detailed analysis. Please specify the page count here, and if it’s more than 3 pages then you’ll get a personalized price quote through the website. Thank you!
TJ, Esq.
While you consider whether you'd like the premium service, I'll provide some information for you.
TJ, Esq.
For your 1031 exchange, it's critical that the contract reflects the timing and procedural details needed to qualify for the tax deferral. The 1031 exchange language should outline the identification period (45 days) and the exchange period (180 days), as well as specify that the property you’re purchasing is part of the exchange. As long as your draft includes clear verbiage regarding these deadlines and the identification of the replacement property, it should suffice. However, keep in mind that coordinating your closing dates with the timelines involved in a 1031 exchange is essential to avoid any complications.
TJ, Esq.
Question for you:
In order to give you a more thorough answer, can you clarify if you have a qualified intermediary involved in the exchange, or are you handling that aspect on your own?
TJ, Esq.
17,778 satisfied customers
5 lawyers online now
11
2
Answered 3 days ago
Disclaimer
By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.
The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.
Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.
AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.
