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- First, discuss the applicability
of a tax-deferred exchange with your legal
or tax advisor.
- Before transferring the relinquished
property, call Independent Trustees to be
your Qualified Intermediary.
- Independent Trustees will
produce the required Exchange Agreement and
other important documentation that must be
in place before transferring your property.
- Once an offer is accepted
on this property, immediately seek replacement
property. There is a 45 day time frame during
which the replacement property must be identified.
- Insert a “cooperation
clause” in both the contract to sell
and the contract to purchase.
- Within 180 days of the transfer
of the relinquished property, the closing
on the “like-kind” replacement
property must occur.
- Independent Trustees will
deposit the proceeds in an interest bearing
account until they are needed to buy your
replacement property.
- At your direction, Independent
Trustees will use the exchange proceeds from
the sale of the relinquished property to acquire
the like-kind replacement property.
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