1031 Exchange Questions
1031 Q&A
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to get more information
about our company,
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ADDITIONAL QUESTIONS
Your name:
Did you speak with a representative?  

Agent’s name (if you know it):
Your email address:
Your phone number:
Are you ready to do an exchange?

If you intended to list the property for sale-
When will/did you list it?
PROPERTY

Titled Owner(s) of Property:
Is the property that you are selling your
homestead?
Address:  

City:

State & Zip Code:
Will you be providing seller financing on the
sale of your property?
Is the Seller/Exchanger a non-resident alien
or foreign entity?
Buyers Name:
Was the property held for investment or
productive use in a trade or business?
Closing Date(s):   

Sales Price:    

Estimated Net Proceeds:
Is the Buyer of the Property related to the
Seller/Exchanger?
Does the Property include any significant
items that are not traditionally included in the
sale or real estate (personal property-tools,
fixtures)?
Property Type(s):
investment home  
investment condo  
multifamily
commercial
raw land
other
Do you have replacement property(ies) in
mind?
When do you plan on purchasing the
replacement property(ies)?
Immediately      1 month      2-3 months    3+ months
How did you become aware of PRP, Inc's.
involvement in 1031 exchanges?
Comments:
Mail   Advertisement      Professional Referral      From a friend
Tradeshow        PRP Representative    Internet
Other:
Most critical time- first 45 days
1-replacement properties must
be identified
2-election to use 1031
paperwork must be signed
before checks are disbursed
<45 days>
<Day 1 thru Day 180>
Next critical point- closing of an
indentified propert(y)(ies) within
180 days.  

Disaster control... there are other
methods to stretch this timeline
past the 180 days mark- consult
with a PRP agent for more
information.
Basic 1031 Timeline
Request More Information
Selling Your Relinquished Property

Cooperation Clause language inserted into your contract is helpful but not required:

"In the event Seller so elects, Buyer agrees to cooperate with Seller in effecting a tax deferred exchange under Internal Revenue Code Section 1031 as amended. Seller shall
have the right to elect this tax deferred exchange at any time prior to the closing date and to assign this contract in connection with such tax deferred exchange."

A contract can be amended at closing, provided the buyer does not object, this would be a reason to go into a contract to purchase with the Buyer cooperating from the start.  
Once the 45 day identification period starts-you don't get a 2nd chance! A mistake is costly.  With the Buyer understanding your situation you can have more"wiggle" room if it's
necessary.  Once a closing happens-a 1031 exchange that was not signed prior to the check disbursement will not get favorable treatment.

Purchasing Your Replacement Property

Cooperation Clause language for your purchase contract insertion would be in your benefit on the purchasing side as well:

"In the event the Buyer so elects, Seller agrees to cooperate with Buyer in effecting a tax deferred exchange under Internal Revenue Code Section 1031 as amended. Buyer
shall have the right to elect this tax deferred exchange at any time prior to the closing date and to assign this contract in connection with such tax deferred exchange."

The contract can be amended at a closing, provided the Seller does not object.  Early planning to shelter your tax burden is essential.  These type of tax benefits awarded by
the IRS must be done properly to be used.

Please fill in the questionaire and be prepared to go over the situation particulars for us to help you properly in your transaction.  We make referrals to qualified intermediaries
that have proven track records.  Professional Realty Partners, Inc., agents act as real estate agents in the transaction but are qualified to answer your questions regarding
1031 exchanges and their benefits to the investor.