1031 Exchange part 2

By
Real Estate Agent with Keller Williams Miami Beach

How does an Exchange work
An Exchange is usually a 3 way Exchange in which an intermediary is used to facilitate the transaction. Four things ordinarily occur in an exchange:

  • The seller sells the relinquished property.
  • At closing the sale proceeds go to a Qualified Intermediary where the funds are held in a trust account "For Benefit Of" the exchanger.
  • The seller identifies replacement properties within 45 days of the closing of the relinquished property.
  • The seller (now the buyer) closes on the replacement property(ies) within 180 days of closing on the relinquished roperty and the funds are wired from the "FBO trust account" by the intermediary to the closing agent.
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