Getting Started with 1031 Exchange
Step 1: Relinquish Property
Contact First American Exchange (formerly SEAS Inc.) immediately upon deciding to perform an exchange. First American Exchange works closely with all parties, including the real estate agent, attorney, and accountant.
The exchanger simply enters into the Purchase and Sale Agreement for the relinquished property. First American Exchange prepares documents and instructions needed, while overseeing the entire process.
Step 2: Identification
Replacement property must be identified within 45 days from closing the relinquished property.
First American Exchange provides the necessary documentation to comply with the IRS guidelines.
Step 3: Replacement Property
The acquisition of the replacement property must be completed within 180 days of closing the relinquished property.
After locating replacement property, exchanger should enter into an agreement to purchase and immediately notify First American Exchange.
Instructions to complete the exchange will be delivered to the closing officer and all parties involved for review and signature.
The exchange is completed when the property is purchased by First American Exchange and then transferred to the exchanger.