Dawna is a real pro! I am so glad she was on our team. For nearly four years she guided us through the volatility of the San Luis Obispo housing market, answering our questions from a far (we live in Montana) and flagging appropriate properties or developments along the way. When the timing was right and we found just what we were looking for, Dawna expertly guided us through the negotiations and inspections. This wasn't our first home buying experience, but we really appreciated how easy Dawna and her assistant made the whole process. We successfully closed in less than 30 days.
- Assemble a team of professionals: In advance of your sale, be sure to have an experienced real estate broker with 1031 exchanges, a strategic attorney, a knowledgeable CPA, a reputable accommodator, and a professional escrow company.
- Meet with advisors: Before listing the property to sell, meet with tax & legal advisors to determine tax consequences of selling property.
- Get forms in order: Have your real estate agent or broker include appropriate language in your listing and offer documents to formalize your intent to exchange. These may include preprinted forms for inclusion in the offer documents.
- Identify your search parameters: You will want to be searching for the upleg (new) property well before the downleg (old) property sale closes. As your accomodator will tell you, the time period for identifying your upleg property is limited. Make sure there are several options to buy to avoid buying a less desirable property just to comply with the exchange time periods.
- Confirm timelines: Make sure that all agents/brokers, escrow officers, and accomodators, whom are working on your behalf, are in clear communication and aware of timelines to encourage compliance with IRS exchange requirements.