Updated almost 5 years ago on .
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1031 exchange purchase agreement
What are the requirements (if any) for the purchase agreement when selling a property you want to enter into a 1031 exchange? I received an offer on a property and the buyers agent used a standard form type of PA. From what i've researched the requirements range from "nothing required by the IRS" to "the PA language can make or break the 1031 validity".
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If you are selling and wish to 1031 into another property, you need to consult a Qualified Intermediary now. Like, don't do anything else until you have that set up.
If you take possession of the money, your 1031 is dead.
If you don't follow all the rules and meet all the deadlines, your 1031 is dead.
A QI will help you every step of the way because they've been there before. (If they haven't, then they're not the right QI for you.)
