The following is a general check list for completing your 1031 exchange:
Relinquished Property
1. Consult with your legal, financial and tax advisors before proceeding
2. Notify your real estate agent and escrow or closing officer that you will be completing a 1031 exchange
3. Insert Cooperation Clause language into your Purchase and Sale Agreement and/or Escrow Instructions
4. Contact and retain Exeter as your Qualified Intermediary to open your 1031 exchange
5. Provide Exeter your complete contact information
6. Notify Exeter if you are going to be withdrawing any cash from your 1031 exchange
7. Notify Exeter if there will be a seller carry-back note involved in your 1031 exchange
8. Notify Exeter if there will be any construction involved on your replacement property as part of your 1031 exchange
9. Execute your 1031 exchange documents
10. Notify Exeter when your relinquished property sale closes
11. Look for written notification from Exeter when we receive your 1031 exchange proceeds
Replacement Property
1. Mail, fax or hand deliver your signed identification form to Exeter within your 45-day identification period
2. Notify your real estate agent and escrow or closing officer that you are completing a 1031 exchange
3. Insert Cooperation Clause language into your Purchase and Sale Agreement and/or Escrow Instructions
4. Advise Exeter of the specific replacement property on your identification list that you will be acquiring and who will be handling the closing
5. Execute your 1031 exchange documents
6. Notify Exeter if you wish to have the earnest money deposit paid from your 1031 exchange account
7. Authorize Exeter to disburse your funds to your escrow or closing officer to complete your transaction
A Guide to 1031 Exchanges
You can also download A Guide to 1031 Exchanges that will walk you through these step-by-step instructions for starting and completing your 1031 exchange transaction as well as provide the basic information that you need to understand the 1031 exchange process.