A qualified intermediary is integral in any 1031 exchange of investment real estate. But the ultimate success of your 1031 exchange depends on how you interact with your qualified intermediary. In this article, we are going to talk about how to work best with your qualified intermediary in order to ensure a successful 1031 exchange of real estate.
Starting the Process As Early As Possible
The first pro tip to remember in any 1031 exchange is to start the process as early as possible. That means you should contact your qualified intermediary at the same time (or even before) you sign the sale agreement for your relinquished property. If you wait until the last minute, it makes things all the more difficult to ensure your 1031 exchange is set up for success.
Information to Provide Your Qualified Intermediary
When you reach out to your qualified intermediary to begin the 1031 exchange process, you will need to provide them with some initial information, including:
Your Address
Your Social Security Number or Tax ID Number
Contact Information for the Title Closer and/or Escrow Company Facilitating Your Closing
The Legal Description and Address of Your Relinquished Property
Providing these items right away can help jumpstart the process and set you up for success!
Minnesota 1031 Exchange Company
At CPEC1031, LLC we provide 1031 exchange services to clients throughout the state of Minnesota and across the United States. Our team of qualified intermediaries has over twenty years of experience and can help you through every aspect of your like-kind exchange of real estate. Contact us today to learn more about the 1031 exchange process and how we can help facilitate your next exchange. Find us at our primary office located in downtown Minneapolis.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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