7) Before the end of the 45 days identification period you need to identify the properties for 1031 exchange. You can inform us about these properties through the form provided by us or through any other similar written format. This can be sent to us by mail, email or fax. For this document to have validity, it should be fully signed by each named, “Exchanger”.
8) Now you need to write and sign the purchase and sale agreements including the “Exchange Clause” and open escrow, similar to the first transaction. Inform your closing agent that this is a 1031 property exchange and we are your Qualified Intermediary. It is not necessary for the closing agent to be the same one who sold the relinquished property.
9) Once you have done this you need to inform us about the details of your closing agent and how much of the proceeds do you want to use for the purchase. We would also like to know an approximate date when you are planning to close this transaction.
10) We will then contact your closing agent and get any additional info that is required. We will send the exchange closing documents directly to the closing agent. After both the parties have signed the closing documents the closing agent will send us those documents. Upon receipt of those documents we will wire transfer the amount into escrow. This can be recorded as the close of the exchange and you have completed your exchange.
