A 1031 Like-Kind Exchange is a legal way to
sell one or more properties in direct exchange for another property and
delaying capital gains on the transaction. 1031 refers to the IRS Code
which allows this sort of transaction.
Title Service of the Plains serves as qualified intermediary in 1031 like-kind
exchanges of real property. Title Services of the Plains provides standard
exchange agreements that outline the structure of a delayed exchange transaction
and the responsibilities of the respective parties, and, while we do not
provide tax advice, we can work with and assist the taxpayers attorney
and tax professional.
1.) The taxpayer assigns sales contract
of relinquished property to Title Services of the Plains.
2.) Net sales proceeds paid to Title Services of the Plains.
3.) The taxpayer conveys title directly to the purchaser of relinquished
4.) The taxpayer identifies replacement property within forty-five (45)
days from the transfer date of the relinquished property.
5.) The taxpayer assigns sales contract of replacement property to Title
Services of the Plains.
6.) By the earlier of one-hundred eighty (180) days from the transfer
date of the relinquished property, or the due date of the taxpayers
tax return, closing of the replacement property occurs.
7.) The seller of the replacement property conveys title directly to the
8.) Employing a qualified intermediary is a practical and efficient way
to structure delayed exchanges.
Please call for fees and more information about the services that Title
Services of the Plains provides.