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What are the steps in 1031 Exchange process? |
In any IRC section 1031 tax exchange the Exchanger must enter into the exchange transaction prior to the close of the relinquished property and or properties. The Exchanger and the Qualified Intermediary enter into an Exchange Agreement, which essentially requires that (a) the Qualified Intermediary acquires the relinquished property and or properties from the Exchanger and transfers it to the buyer by direct deed from the Exchanger and (b) the Qualified Intermediary acquires the 1031 replacement property and or properties from the seller and transfers it to the Exchanger by direct deed from the seller.
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