Step-By-Step Instructions to Complete Your 1031 Exchange
The following is a general check list for completing your 1031 exchange:
Relinquished Property
- Consult with your legal, financial and tax advisors before proceeding
- Notify your real estate agent and escrow or closing officer that you will be completing a 1031 exchange
- Insert Cooperation Clause language into your Purchase and Sale Agreement and/or Escrow Instructions
- Contact and retain Exeter as your Qualified Intermediary to open your 1031 exchange
- Provide Exeter your complete contact information
- Notify Exeter if you are going to be withdrawing any cash from your 1031 exchange
- Notify Exeter if there will be a seller carry-back note involved in your 1031 exchange
- Notify Exeter if there will be any construction involved on your replacement property as part of your 1031 exchange
- Execute your 1031 exchange documents
- Notify Exeter when your relinquished property sale closes
- Look for written notification from Exeter when we receive your 1031 exchange proceeds
Replacement Property
- Mail, fax or hand deliver your signed identification form to Exeter within your 45-day identification period
- Notify your real estate agent and escrow or closing officer that you are completing a 1031 exchange
- Insert Cooperation Clause language into your Purchase and Sale Agreement and/or Escrow Instructions
- Advise Exeter of the specific replacement property on your identification list that you will be acquiring and who will be handling the closing
- Execute your 1031 exchange documents
- Notify Exeter if you wish to have the earnest money deposit paid from your 1031 exchange account
- 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.
