1031 Exchange Basics- FAQ - 09/02/06 02:39 PM
When must the investor decide to complete an exchange?The decision to exchange must be made prior to closing of the relinquished property. The exchange agreement must be in place and delivered to all parties before the relinquished property transfer of title.Can the proceeds from the sale of the relinquished property simply be held in escrow at closing?The proceeds from the sale of the relinquished property should be delivered to a "qualified intermediary". The proceeds cannot be held in escrow, unless the escrow account in question is either a "qualified escrow account" or a "qualified trust account" and not subject to the … (6 comments)

 

James Brennan, JD/LLM, 1031 Exchanges

Washington, DC

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ES Group

Address: 11150 Sunset Hills Rd., Suite 300, Reston, VA, 20190

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