"Sale Conditions: 1031 Exchange" - What does this mean for buyer?
For the most part, I think I understand the basic idea of a 1031 Exchange. Let's see: You sell one property, and to avoid paying cap gains tax, you then reinvest those profits within 45 days into a larger "like kind" property. Yeah?
So if I, as a buyer (full disclosure, major newbie here!), see that under "sale conditions" it's listed as 1031 Exchange, what affect would that have on me - somebody interested in purchasing their property? Could this mean the actual sell of this property is contingent upon the seller finding a property of their own to 1031 Exchange?
Thank for your help clarifying this for me.