Your advice on 1031 exchange

[Joel Barjon]

Hey everyone, 

I am about to purchase a duplex in North Carolina, and the seller is selling the property as a 1031 exchange. The listing agent told me that I have mention in the offer the seller is doing a 1031 exchange. Although I have heard about 1031 exchange, I have never done it before. I am going to paste what the listing agent posted as a remark in her listing, and then I would like to read your comments: 

Duplex with an EXCELLENT rental history! 100% occupancy and solid tenants! Located on a gorgeous corner lot, it makes dividing the usage much easier. The cap rate on this property is just over 7%, leaving plenty of meat on the bone for any investor! **Seller is participating in a 1031 Exchange, at no cost to Buyer. Please include this language in your offer, and have Sellers name listed with ''&/or Assigns''. Buyer is aware that seller intends to perform an IRS Section 1031 tax-deferred exchange . Seller requests buyers cooperation in such an exchange and agrees to hold Buyer harmless from any and all costs, claims, liabilities or delays in time resulting from such an exchange. Buyer agrees to an assignment of this contract to TowneBank, a qualified Intermediary of the Seller.

[Alex Olson]

As the buyer you have nothing to do with the seller's 1031 exchange unless it is contingent on their completion of buying a property before closing on this one, which case, I would just move on to something else. They just have to disclose that they may or are doing a 1031 exchange as part of the sale, typically. Hope that helps!