An exchange can go off track very easily. In order to stay on track, you need to stay in touch. Feel free to get a general idea of the steps below, but remember to schedule a consultation. We want you to tell us your story so we can navigate your exchange.
The Exchange Timeline
Sell Your Property
Sell your property and open your exchange with accommodator at Start My Exchange
Documents Instantly Available
Your documents are instantly available and automatically sent to your closing agent. You are ready to go!
Sign Your Exchange Documents
Sign your exchange docs and return by fax to 858-332-1777 or by email to firstname.lastname@example.org. 1031 Exchange Advantage ® is assigned in as the seller as required by the IRS. When the closing occurs the funds will be sent to your account. Your signature will be required before the bank can move your funds. You will receive an account ledger from us.
Get a Pre-Qualification Letter
We can help you get your ideas together and point you in the right direction. We can also help you get a pre-qualification letter from a bank so your seller will be more inclined to work with you. Find my Loan
Consider Improving Property
You might want to buy something that needs repairs and use money from your exchange account to fix it up. The improvements will be counted towards the amount you spend. This will help you get back to the sales price of what you sold-an IRS rule to save all taxes!
Send Us or a Fiduciary
You will need to send us or a party that is your fiduciary (broker, accountant, attorney, closing agent) a letter indicating properties you may purchase. The letter will be with your exchange package and you should call us to go over options to identify.
When you are ready to request funds for a deposit or close, simply visit Complete My Exchange and tell us who your closing agent is. The closing agent will be sent the papers needed to get the funds and close your exchange properties, provided we receive the request (3) days prior to your close.
Ask for an Exchange Ledger
Remember to ask us for an Exchange Recap to provide your accountant. The accountant will need to report the exchange on our income taxes using form 8824.
If all the exchange requirements are met, you've successfully sold your real estate tax-free. We can't wait to help you do it again!
Corporate Headquarters: 5355 Avenida Encinas, Suite 203 • Carlsbad, CA 92008 • Direct: 1.866.944.1031
1031 Exchange Advantage™ is a trade name of 1031 EA, LLC and is not a licensed broker. 1031 EA, LLC does not provide, brokerage, legal or accounting services and is simply a Qualified Intermediary under the IRS code. It therefore is not providing any services other than accommodation services and clients and prospects are advised to confirm all tax, legal, accounting and real estate investment decisions with their professionals such as their accountant or attorney.