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Started By
Message
Section 1031
Posted on 11/12/19 at 4:14 pm
Posted on 11/12/19 at 4:14 pm
I’ve got a property on the market right now. If it goes under contract do I only have until December 31st to complete the exchange. I’ve read 45 days to identify a property and 180 days to complete the process, but I also read or before December 31st. Should I not close until after the new year if I plan to do a 1031?
I don’t live in the house, it’s been a rental for more than 5 years.
I don’t live in the house, it’s been a rental for more than 5 years.
2
Posted on 11/12/19 at 6:09 pm to Jp1LSU
Hire someone.
Posted on 11/13/19 at 2:37 pm to TheOcean
You have to hire someone. It’s a pretty crazy process, and this far into it I would say it’s by no means a dyi kind of thing.
Posted on 11/13/19 at 6:26 pm to Jp1LSU
I haven't done this yet but hoping to do so in the future. Make sure you use a reputable company. I think there was an "American Greed" episode with a conman running way with 100+ million dollars of 1031 exchange money. Seeing that makes me really paranoid since it's pretty much a requirement to use one of those companies.
Posted on 11/26/19 at 10:40 pm to drsung
That would be a legit concern.
I’ve talked to several people. The biggest thing I could recommend is that you have to realize you have to set this up prior to selling the property you own. I’ve met two people who sold property with the intention of doing an in-kind exchange and then learned you can’t ever take constructional control of the money. It invalidates the process. From the day you initiate a contract the money has to go into a third party escrow account until you purchase the “in-kind” property.
Cautionary tale I have been told. As common as the concept is, the understanding of it is mostly rare.
I’ve talked to several people. The biggest thing I could recommend is that you have to realize you have to set this up prior to selling the property you own. I’ve met two people who sold property with the intention of doing an in-kind exchange and then learned you can’t ever take constructional control of the money. It invalidates the process. From the day you initiate a contract the money has to go into a third party escrow account until you purchase the “in-kind” property.
Cautionary tale I have been told. As common as the concept is, the understanding of it is mostly rare.
Posted on 11/27/19 at 9:22 am to Jp1LSU
Talk to a commercial closer at a local title company, they work with 1031’s all the time and will know who is the best in your area.
Posted on 11/27/19 at 10:08 am to Jp1LSU
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