After the sale of your relinquished
property and the deposit of the proceeds with
the Qualified Intermediary (QI) if you are unable
or unwilling to identify any replacement property,
the proceeds, less the fee of the QI, will be
returned to you with all accrued interest on
the 46th day. If you do identify replacement
property, but do not close on it within 180 days,
the proceeds, less the fee of the QI, will be
returned to you on the 181st day with all accrued
interest. If you change your mind about closing
on your replacement property and you want your
proceeds returned, this would be an early disbursement,
and contrary to the exchange agreement. In any
event, if you do not close on replacement property,
the proceeds from the sale of your property will
be taxed at the prevailing capital gains rate. |
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