This 1031 exchange was for two commercial properties with closings four days apart. The commercial broker called to introduce the client stating the turn around on the replacement property will be quick. In 1031 exchanges with property closings within five calendar days of each other, escrow instructions will request the “net equity” be wired from one closing to the next without going through an escrow or bank account. A formal property identification was not required because the replacement property was acquired within the first forty five days post closing on the relinquished property. The commercial property exchange went smoothly and the capital gain was successfully deferred.
Testimonial
“The 1031 exchange was a win-win. The value of the service was excellent from the initial contact to the final exchange interview. Andy knows what he is doing and has my full confidence to handle our client’s 1031 exchange requirements. He stays current on 1031 tax law changes. Marian McBryde, the Closing Manager at the Dowd Law Firm for this transaction also remarked how easy it is to work with Andy and refers him to their clients. Andy is the go to guy for 1031 exchanges.”
Craig Barrett
CEO
NBI Properties, Inc.
Fort Walton Beach, Florida