1031 Exchange
First American Exchange Company
The 6 most important things you need to know (about 1031 exchanges)
- Although 1031 Exchanges are complicated and exacting, there are 6 things that are important for you to understand about them:
- Both your old property and your new property must qualify as 1031 property.
- You have 45 days to prepare a list of properties you want to buy. You have 180 days to close on the purchase of one of the properties on your 45-day list.
- You may NOT touch the money. Typically, the money is held by a Qualified Intermediary.
- The holder of title to both your old property and your new property have to be the same.
- In general, you must equalize the debt on your old and new property.
Choose First American Exchange Company
As Your 1031 Qualified Intermediary.
First American Exchange Company, LLC
215 South State Street, Suite 380
Salt Lake City, UT 84111
Phone: 801.944.1031
Fax: 866.669.6096
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