Settlement documents questions in my 1031 exchange
Hello all 1031 experts!
I'm going through the settlement documents that the title folks emailed me. We will have to sign the documents and fedex them for settlement on July 20. I already found that they gave me the wrong Virginia tax form. After many emails, they finally agreed. The exchange company says they are just waiting for the proceeds so they don't want to get involved.
Anyway, I don't feel I get an good answer from the title company for some other questions that I have.
1. A 1099 has been generated for the proceeds - is that normal with a 1031 exchange?
2. My settlement package does not have any documents or wiring instructions that show the proceeds are going to the exchange escrow and not to us. Is that normal?
Thanks, Janice R.