"1031 Cooperation clause": Should I include it in my sale contrac

[Jeff Klein]

I am close to going into contract for the sale of my property. Is it required or desirable to include a 1031 cooperation clause or any other language regarding my intent to sell this property as part of a 1031 exchange?

(The closing will be scheduled several months from contract signing, at which time I will probably already know the property I will purchase. If not then I will know well within the 45 day period.) 

[Jeff Klein]

Dave,

The contract already has this paragraph:

"if Seller or Purchaser is or may in the future be under contract with a qualified intermediary for the purpose of effecting a tax-deferred exchange in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, each party consents to the assignment of this contract to such intermediary. Each party shall cooperate with the other and with the qualified intermediary to accomplish such exchange and shall perform any acts and execute any and all documents reasonably necessary to assist in such exchange, provided that neither party shall be required to accept title to any property other than the Premises, expend any additional amounts of money above those amounts for which it is obligated under this contact or extend the Closing Date, and Seller’s time to close under this contract shall not be reduced."