If you are ready begin an exchange, or would like to get in contact with someone at Cooney & Associates, click here. STEP 1...

Find an experienced, professional Qualified Intermediary to assist you with the exchange as early in the sale process as possible. It is important to discuss your individual exchange sitaution with your Qualified Intermediary.  Cooney & Associates, Inc. is happy to answer any questions you have about your possible exchange; just give us a call!

STEP 2...

Instruct your real estate agent to include an “Exchange Cooperation Clause” as an addendum to the purchase and sale agreement on the relinquished property (the property the Exchanger is selling). An example Exchange Cooperation Clause would be: “Buyer hereby acknowledges that it is the intent of the Seller to effect an IRC §1031 tax deferred exchange which will not delay the closing or cause additional expense to the Buyer. The Seller’s rights under this agreement may be assigned to Cooney & Associates, Inc., a Qualified Intermediary, for the purpose of completing such an exchange. Buyer agrees to cooperate with the Seller and Cooney & Associates, Inc. in a manner necessary to complete the exchange.”

STEP 3...

Contact your Qualified Intermediary as soon as possible after escrow is opened or after entering into the purchase and sale agreement to advise them of your intent to do an exchange well in advance of the closing date. As Qualified Intermediary, Cooney & Associates, Inc. will need a copy of the purcahse and sale agreement and title commitment, along with some information about the exchanger, in order to being the exchange paperwork.  Cooney & Associates will also get in touch with the closing officer at the title company, and will send them the required paperwork and exchange closing instructions.

STEP 4...

Start searching for acceptable replacement property immediately to ensure that you can meet the 45-day Identification Period deadline.

Each exchange situation is unique, and in order to asses the exchange options that may be available, please contact Cooney & Associates, Inc.

877-788-1031

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