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1031 - Does your Client's Attorney Understand?

By
Managing Real Estate Broker with Keller Williams Northland

I have come to the realization that attorneys have their own interpretation as to what constitutes a valid 1031 exchange.

  1. The language in the boiler plate of the MLS pre-printed contract covers everything.
  2. Don't worry about mortgage relief. Its not an issue for our transaction.
  3. 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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