Updated over 11 years ago on .
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1031 exchange
Does anyone have experience with using a 1031 exchange to sell a property and then purchase a "like" property with the profit. Is an attorney required to facilitate this trans action?
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Yes, my associate @Miguel Maria and myself have experience with 1031 exchanges. As brokers, we have assisted many clients in coordinating these. While an attorney is not required, I highly recommend it. You will need a Qualified Intermediary (typically the attorney) to hold the funds between transactions so you don't disqualify yourself from the 1031.
We have worked with IPX1031.com with great success in the past. They are attorneys working nationwide specializing in these types of transactions, and the prices are reasonable - much less than most people expect. They can give you all the details you'll need. Best of luck!