Tips - 1031 Exchange Transactions
Are you looking to participate in a 1031 Exchange?
During the entire purchase transaction for a 1031 exchange, a good loan agent can help borrowers communicate more efficiently and effectively among the lender, the title company, and the 1031 exchange company. If you are looking for a smooth transaction, feel free to contact me today.
The main requirements for a 1031 exchange:
(1) must purchase another “like-kind” investment property;
(2) replacement property must be of equal or greater value;
(3) must invest all of the proceeds from the sale (cannot receive any “boot”);
(4) must be the same title holders and taxpayers with the same tax ID
(5) must identify new property within 45 days;
(6) must purchase new property within 180 days.