Step 1: Seller opens escrow on the sale of the property
• Contact 1031 Pros to setup the exchange.
• Ownership of the Relinquished Property is transferred to 1031 Pros.
• Ownership is then immediately transferred to the buyer of the Exchanger's property.
• At the close of escrow the proceeds are wire transferred from escrow to a bank designated by 1031 Pros.
• Funds are held in a separate dual signature account setup for each specific transaction.
Step 2: Identification Period
• Within 45-days of closing on the sale of the property, the replacement property must be identified.
Up to 3 properties can be identified.
Step 3: Purchase Replacement Property
• Within 180 days from the close of escrow on the Relinquished Property, the Replacement Property must be purchased.
• Exchange proceeds will be wire transferred from the bank to the escrow handling the closing of the Replacement Property.
• Ownership to the Replacement Property is immediately transferred to 1031 Pros.
• Ownership of the Replacement Property is then immediately transferred to the Exchanger to complete the exchange.