1031 Exchange Checklist



This 1031 exchange checklist is intended to provide a brief overview of the steps involved in an IRC Section 1031 tax-deferred exchange and when Asset Preservation, Inc. (API) should be contacted throughout the process. This checklist does not address all issues involved in an exchange. Please read all of the exchange documents prepared by API. 

REVIEW:

Review the entire transaction with tax and/or legal advisors.

CONTACT API:

Before closing, contact API to initiate the exchange transaction.

SALE CONTRACT:

Enter into an “assignable” contract to sell the relinquished property.

EXCHANGE SET-UP:

API will prepare the exchange documents for the relinquished property sale.

RELINQUISHED PROPERTY CLOSES:

API is assigned into the transaction as the seller and sale closes.

IDENTIFICATION PERIOD:

Both the 45-day identification period and exchange period begin.

PROPERTY IDENTIFIED:

Exchanger properly identifies replacement property by midnight of the 45th day.

PURCHASE CONTRACT:

Enter into an “assignable” contract to purchase replacement property.

CONTACT API:

After signing the replacement property contract, contact API.

EXCHANGE PAPERWORK PREPARED:

API will prepare the exchange documents for purchase.

REPLACEMENT PROPERTY CLOSES:

API is assigned into the transaction and purchase closes.

COMPLETION

All the exchange requirements are met, the exchange is complete.

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