1031 Exchange Checklist
1. REVIEW - Review the entire transaction with your tax and legal advisors.
2. CONTACT - Before closing, contact our Qualified Intermediary to initiate the exchange transaction.
3. SALE CONTRACT - Enter into an "assignable" contract to sell the relinquished property.
4. EXCHANGE SET-UP - Blue Latitude will prepare the exchange documents for the relinquished property sale.
5. RELINQUISHED PROPERTY CLOSES - Blue Latitude is assigned into the transaction as the seller and sale closes.
6. IDENTIFICATION PERIOD - Both the 45 day identification period and exchange period begin.
7. PROPERTY IDENTIFIED - Exchanger of property identifies the replacement property by midnight of the 45th day.
8. PURCHASE CONTRACT - Enter into an "assignable" contract to purchase replacement property.
9. CONTACT LEGAL COUNSEL - After signing the replacement property contract, contact 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.