CONTACT LEGAL 1031: The qualified intermediary must be involved before the sale of the abandoned property. Contact Legal 1031 Exchange Services, Inc. (877) 701-1031 or “protected e-mail.” Although many exchangers generally incorporate language into their purchase and sale contract in order to establish their intention to trade, this is not required by the internal income code. Many exchangers and real estate agents add a foreign exchange language to the contract for several reasons: REPLACEMENT PROPERTY CLOSES: Inform Legal 1031, if a deadline has been set. Fill out a “Request for Funds” form with the date the transfer or exam is to be completed. COMPLEMENT: If all exchange funds are used for the purchase of the property or alternative real estate and all foreign exchange requirements are met, the exchange is over. Taxpayers` intention should be disclosed in the purchase and sale contract (purchase and sale) by adding a simple language that indicates the reserve of an exchange transaction. If this is not in the original sales contract, you can add an endorsement and send a correct notification to the buyer. EXECUTE EXCHANGE DOCUMENTS: The exchanger must sign all foreign exchange documents and the purchaser of the sold property must sign the transfer contract. Executed documents must be signed at the time of closing or before closing. PURCHASE CONTRACT: Enter a “refundable” contract for the purchase of alternative real estate with 1031 language of exchange cooperation. The interchange must be the same subject, in accordance with IRC Code 1031, to persons and orders relating to both abandoned and alternative property. EXECUTE EXCHANGE DOCUMENTS: The exchanger must sign all foreign exchange documents and the seller of the sold property must sign the transfer agreement.
Executed documents must be sent to Legal 1031 before they are completed. All documents must be completed by Exchanger and the seller before we can process a request for payment of money from the replacement property. PROPERTY REPLACEMENT IDENTIFICATION: Exchanger has 45 days from the sale to identify the replacement property, and 180 days between the sale and the conclusion of the identified property. The identification of the replacement real estate documentation must be completed by Exchanger and forwarded to Legal 1031 until the 45th day following the sale of the first abandoned property. Like a sales transaction, basic documents are also required. A purchase/sale and sale contract is required to explicitly state the promotion information for each of the exchange items. It is also the vehicle by which the taxpayer cedes his rights to the qualified intermediary for the exchange. A property invoice, a sales invoice, an invoice and a license are required to consolidate the transfer of the exchanged goods. A counting statement is required to illustrate the correct amount of funds to be exchanged and to prove that the funds are being used appropriately for the purchase of the replacement property. Valid exchanges also require proper assignment and communication. Since the Treasury Regulations Sections 1.1031 (k) -1 (g) (4) (iv) authorize direct attention, it is necessary to assign the transfer of ownership through the qualified intermediary of the exchange building with appropriate notification of that assignment, which was granted to the purchaser of the surrendered property or.dem seller of the replacement property.