I have come to the realization that attorneys have their own interpretation as to what constitutes a valid 1031 exchange.
- The language in the boiler plate of the MLS pre-printed contract covers everything.
- Don't worry about mortgage relief. Its not an issue for our transaction.
- Its OK for you to hold the earnest money for our Client because it is less than the broker's commission.
Most states licensing laws state that a licensed individual must not provide legal interpretations or accounting information that should be provided by a professional ( your state may differ, but mistakes are more costly).
What do you do when you know their interpretation of the 1031 tax paragraph is a slight bit to liberal.
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