Must My Sale Contract Anticipate 1031 Exchange? - Posted by PeteH(NYC)

Posted by Jason-FL on February 05, 2000 at 16:37:40:

Pete,
If you are doing a delayed exchange, the contract should have statements that qualify the agreement for original intent to exchange. The object is to show that it is an exchange, not a sale. Also, so that the buyer agrees to cooperate by allowing the agreement to be assigned by the exhanger/seller to the exchange faciltator.
I was planning to exchange a property just last month, but decided against it. I hope this helps.

Must My Sale Contract Anticipate 1031 Exchange? - Posted by PeteH(NYC)

Posted by PeteH(NYC) on February 05, 2000 at 13:53:27:

If I decide (and I haven’t yet) to Starker exchange the proceeds of a sale into the purchase of another property, does the sales contract include language in which the buyer specifically agrees to cooperate with structuring the deal that way? My purchase contract for the other property includes the language, and the deals would close within 30 days of each other, so the timing stuff should be easy to work out, but must the buyer of my first property need to know and agree to cooperate?