Steps to Start Your Exchange
Step 1: Planning the Exchange
- Speak with our experienced tax attorneys and exchange consultants regarding the financial benefit to you of exchanging ( telephone 1-800-427-7212 ) and the best type of exchange for your transaction.
- We can provide a fee estimate in our initial phone call.
- After you provide us with
a. your contact information
b. your closing agent's contact information
c. a signed copy of your Purchase & Sale Agreement
d. any other requested documents
e. by fax ( 513-412-3482 ) or email ( steve@spe1031.com ) and - We will
a. review your purchase and sale agreement to make sure it complies with tax law;
b. prepare your exchange agreement, proper exchange documents; and
c. set up your safe and secure qualified escrow exchange bank account prior your closing
Step 2: The Transaction
- We will arrange to have all your exchange documents executed on or before the closing via our electronic document system, fax or email.
- We will arrange for you bank wire instructions to be sent to the closing agent.
- We will review your settlement statement to ensure that there are no mistakes or errors which will cuase your exchange to be taxable.
- We confirm your wire as soon as it is received.
- We verify the purchase price necessary to qualify as an exchange.
- Make sure that you identify your replacement property by the 45th day.
- Purchase your replacement property by the 180th day.
- Prepare the tax forms to attach to your tax return to document your exchange, and
- Monitor and manage your exchange from beginning to end to ensure a successful exchange.
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