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To establish the intent to perform a Section 1031 tax deferred exchange, add the following verbiage to the Purchase and Sale Agreement.
Sale of Relinquished Property:
“Buyer is aware that Seller has the option to qualify this transaction as an Internal Revenue Code Section 1031 tax deferred exchange. Seller requests Buyer’s cooperation in the event of an exchange and agrees to the assignment of this contract to
Atlas 1031 Exchange, LLC by the Seller. Seller agrees to hold the Buyer harmless from any and all claims, liabilities and costs of such an exchange.”
Purchase of Replacement Property:
“Seller is aware that Buyer has the option to qualify this transaction as an Internal Revenue Code Section 1031 tax deferred exchange. Buyer requests Seller’s cooperation in the event of an exchange and agrees to the assignment of this contract to
Atlas 1031 Exchange, LLC by the Buyer. Buyer agrees to hold the Seller harmless from any and all claims, liabilities and costs of such an
exchange." |
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Andrew W. Gustafson,
CES®
Managing Member
Atlas 1031 Exchange, LLC
Toll Free: 866.521.1031 | EFax: 850.201.6911
Dallas: 214.523.9067 | Destin: 850.837.1031 |
Houston: 713.821.1776
Email: andgus@atlas1031.com
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Atlas 1031 Exchange, LLC is a Qualified Intermediary and does
not provide advice regarding specific tax consequences of IRC 1031 tax
deferred exchanges. Investors are encouraged to seek the
counsel of their attorney and accountant.
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© 2007
Atlas 1031 Exchange, LLC. All rights reserved. Site designed by VTD, Inc.
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