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Occasionally, the sale of the old property closes the same day the new property closes at the same closing company. This is called a simultaneous exchange. Be sure to include
assignment
language in your purchase agreement.
Sometimes the sale is followed by the purchase, separated by a couple of days. This is fine. You can purchase as soon as you wish.
The only suggestion is if the closings are with different title companies or attorneys, allow a couple of days for the transfer of funds. Funds are not disbursed until all documents are
signed.
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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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Atlas 1031 Exchange, LLC. All rights reserved. Site designed by VTD, Inc.
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