Dawna was simply amazing! She was knowledable and kept me well informed on the matters of the sale of my house. Beyond keeping me informed she took it upon herself to act as my instructor in real estate which was so very helpful. Dawna is also a wonderful and honest agent, it was such a pleasure working with her. Her assistant Jodi was also a real asset in the sale of my home. I thank you both so much!
- Assemble a team of professionals: In advance of your sale, be sure to have an experienced real estate broker with 1031 exchanges, a strategic attorney, a knowledgeable CPA, a reputable accommodator, and a professional escrow company.
- Meet with advisors: Before listing the property to sell, meet with tax & legal advisors to determine tax consequences of selling property.
- Get forms in order: Have your real estate agent or broker include appropriate language in your listing and offer documents to formalize your intent to exchange. These may include preprinted forms for inclusion in the offer documents.
- Identify your search parameters: You will want to be searching for the upleg (new) property well before the downleg (old) property sale closes. As your accomodator will tell you, the time period for identifying your upleg property is limited. Make sure there are several options to buy to avoid buying a less desirable property just to comply with the exchange time periods.
- Confirm timelines: Make sure that all agents/brokers, escrow officers, and accomodators, whom are working on your behalf, are in clear communication and aware of timelines to encourage compliance with IRS exchange requirements.