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1031 Exchange question
Posted on 12/17/21 at 4:44 pm
Posted on 12/17/21 at 4:44 pm
I have a property currently listed. At what point do I get the qualified intermediary involved once an acceptable offer is on the table? Also, suggestions for these intermediaries would be appreciated. 
8
Posted on 12/17/21 at 4:56 pm to Shamoan
I can't recommend anyone but get them involved asap
Posted on 12/17/21 at 8:11 pm to Shamoan
You need to get the QI involved a few days prior to closing. The more time the better for them so they can have time to prepare the documents. There may be local companies where you live but lots of national ones. I recommend IPX 1031
Posted on 12/17/21 at 8:49 pm to Shamoan
Where are you located?
Posted on 12/17/21 at 11:12 pm to Shamoan
What JFW said - need your location to get you pointed to the right professional asap.
Posted on 12/18/21 at 8:27 am to KillTheGophers
It’s really not a complicated process. The QI’s have standardized forms. Takes them a few days before closing mostly due to having other deals going on at the same time.
After closing They hold the net proceeds then you have 45 days to identify your replacement property and buy the replacement property within 180 days. The QI will wire the proceeds for the closing.
After closing They hold the net proceeds then you have 45 days to identify your replacement property and buy the replacement property within 180 days. The QI will wire the proceeds for the closing.
Posted on 12/18/21 at 1:24 pm to Shamoan
The main point is: do not take possession of the proceeds at any time. Get a real estate attorney to draw up the proper document. Include this intent on the Purchase Agreement.
Posted on 12/19/21 at 2:11 pm to Shamoan
When you get an offer is a good time; the intermediary will want the offer and relinquished property info to get started.
I used First American Title (Janna Perret at the New Orleans office) and they were great.
I used First American Title (Janna Perret at the New Orleans office) and they were great.
This post was edited on 12/19/21 at 2:13 pm
Posted on 12/20/21 at 11:50 am to Shamoan
Get started immediately trying to find potential replacement properties. A lot of people doing 1031 exchanges currently are having trouble find suitable replacement property to buy because of the hot real estate market
Posted on 12/20/21 at 12:19 pm to texn
quote:
Get started immediately trying to find potential replacement properties.
This can't be emphasized enough. It is a tight market and you have to have the replacement properties at least identified within 45 days of closing on the relinquished property.
Getting started with an exchange agent is the easy part; finding a good deal on the new property...not so easy.
Posted on 12/21/21 at 3:00 pm to jfw3535
Madison, MS
Posted on 12/21/21 at 3:30 pm to Shamoan
(no message)
This post was edited on 12/21/21 at 3:49 pm
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