1031 Exchange Checklist
1031 Exchange Checklist Overview
Understanding the 1031 Exchange: A Step-by-Step Guide
Navigating a 1031 Exchange requires careful planning and execution to ensure compliance with IRS regulations and maximize tax deferral benefits. At Blue Latitude 1031X, we guide you through each stage of the exchange process with precision and expertise. Below is a step-by-step overview of how a properly structured exchange unfolds:
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1031 Exchange Checklist
Stay on Track for a Successful Exchange
01
Review
Review the entire transaction with your tax and legal advisors.
02
Contact
Reach out to our Qualified Intermediary before closing to start the exchange.
03
Sale Contract
Enter into an "assignable" contract to sell the relinquished property.
04
Exchange Set-Up
Blue Latitude will prepare the exchange documents for the relinquished property sale.
05
Relinquished property closes
Blue Latitude is assigned into the transaction as the seller and sale closes.
06
Identification
Period
Both the 45-day identification period and exchange period begin.
07
Property
Identified
Identify the replacement property by midnight of the 45th day.
08
Purchase
Contract
Enter into an "assignable" contract to purchase replacement property.
09
Contact Legal Counsel
After signing the replacement property contract, notify Blue Latitude.
10
Exchange Paperwork Prepared
Blue Latitude will prepare the exchange documents for purchase.
11
Replacement Property Closes
Blue Latitude is assigned the transaction and the purchase closes.
12
Completion
If all exchange funds are used to acquire the replacement property or properties, and all the exchange requirements are met, the exchange is complete.
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