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I am looking for an agent with experience working with 1031 exchanges.

I have a property that I am looking to list for sell to deposit into a 1031 exchange and I am looking for a realtor who can expertly facilitate the transaction.
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November 13 2010 - Orange
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I have done some 1031 exchanges for my clients as well as for myself.  However, I am in the Bay area and would need to refer you to a knowledgeable person in Orange.  Feel free to contact me .
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November 14 2010
In CA, there is no real estate agent or escrow company that counsels nor gives the advices neither acts on the seller's behalf about the 1031 tax deferred exchange.
They may refer you to the 1031 tax exchange company, then the company is going to work together with the escrow company, all you do is sign some paperwork from the 1031 tax exchange company.
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November 14 2010

I don't work in your area of the country but as an agent have been involved in numerous 1031 exchanges over the years. From an agents perspective there's not a whole lot of difference between a 10-31 transaction and a standard transaction other than some verbiage in the contract identifying the "relinquished property" and the "acquired property" in the exchange. The real work is done by the exchange agent and typically I work with a Title Insurance company who serves as exchange agent. As Betty Simmons already mentioned there are some key dates that you need to be focused on.

"Like-Kind" really used to mean "like-kind", in other words if you were selling a restaurant you need to acquire another restaurant but the IRS (through a court case) relaxed their interpretation of this a number of years back. Now you could exchange a commercial property for a large rental beach house if you wanted to though you'll want to keep the cost of the property you're acquiring at or above the one you're relinquishing or you'll have to deal with the tax consequences.

If you're interested in finding an investment here in the Chapel Hill – Durham area, I'd be happy to help ;-)


Good Luck.

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November 14 2010
It is very important for an agent to understand how a 1031 exchange works, but it is the 1031 Intermediaries that actually handles the transaction.

You must identify the "like-kind" property within 45 days of the sale and close on the property with 180 days in order to qualify...my job as the agent isn't that much different an a normal tranaction...you just have to make sure you work with the intermediary to make sure all the paperwork is in place.

Good luck,
Betty
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November 13 2010
 
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