About 1031 Exchanges
* Exchanger enters into an Exchange Agreement with ITEC.
* Exchanger assigns sales contract to sell relinquished property to ITEC.
* Exchanger conveys title of relinquished property directly to purchaser at closing.
* Net sales proceeds are paid to ITEC at closing.
* Exchanger identifies replacement property within forty-five days from the transfer date of the relinquished property.
* Exchanger contracts to purchase replacement property.
* Exchanger assigns purchase contract to buy replacement property to ITEC.
* Closing of the replacement property occurs within the earlier of one hundred-eighty days from the transfer date of the relinquished property or the due date of the exchanger's tax return for the year in which the relinquished property is transferred.
* At the closing for the replacement property, ITEC purchases replacement property with exchange funds from the sale of the relinquished property and directs the seller to convey title directly to the exchanger.
Getting Started
- Always discuss your exchange with your legal or tax counsel.
- Download the Exchange Order Form, fill it out, and fax it to ITEC, along with a copy of your relinquished property sales contract as early as possible.
- ITEC will contact you or your attorney to confirm receipt of your order and draft your exchange documents.
- As soon as you decide to do an exchange or accept a purchase offer on your relinquished property, begin looking for replacement property. You must formally identify your replacement property within forty-five days after the transfer of your relinquished property.
Click here for Exchange Forms
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