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Updated over 2 years ago,

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9
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1
Votes
Michelle Meyer
1
Votes |
9
Posts

Does an agent have to disclosed purchase is part of 1031?

Michelle Meyer
Posted

Hello,

Buying a property as part of a 1031 exchange, trying to go on contract with closing on the replacement property 2 days after closing of the relinquishing property.  Trying to avoid issues with the time lines of the 1031 that way.

On offers for the replacement properties, does an agent have to disclosed that this purchase is to be part of a 1031?

or is that just relevant, if we were under the ticker of the 45 days to identify? and 180 days to close?

Basically, if for some reason I closed on my relinquishing property and 2 days after, the replacement property does close, not sure why, could we at that time say... "hey we agree clearly on all things and now we have to close within 180 days or else"

my agent is saying it is the law to disclosed we are part of a 1031 and I am worried the sellers might see that and identify potential things they can use as leverage on their favor.

thanks  for your time

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