EXCHANGE BASICS

How to Proceed

  1. Always discuss the intended exchange with your legal and/or tax counsel.
  2. Call FNX1031 prior to transferring the relinquished property.
  3. FNX1031 will generate the necessary exchange documentation.
  4. After accepting an offer on the relinquished property, begin locating a replacement property.

SAMPLE COOPERATION CLAUSE FOR THE SALE CONTRACT:

Buyer hereby acknowledges it is the intent of the Seller to effect an IRC §1031 tax deferred exchange which will not delay the closing or cause additional expense to the Buyer. The Seller's rights and obligations under this agreement may be assigned to Fidelity National 1031 Exchange Services, Inc., a Qualified Intermediary, for the purpose of completing such an exchange. Buyer agrees to cooperate with the Seller and Fidelity National 1031 Exchange Services, Inc. in a manner necessary to complete the exchange.

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