All Forum Posts by: Lauren Speidel

@David Harte - The first step, when doing an exchange is to hire an experienced Qualified Intermediary. They will be the company that documents this transaction and helps answer questions such as these. They also can make sure your deadlines are met and safely hold the funds from the transaction.

There are some guidelines that rental owners must follow when properly completing a 1031 Exchange transaction. Your parents must have held the property they are selling for at least 24 months. They also must have limited their personal use of the property during that time.

You have 45 days, from the day you close, to identify a replacement property or properties and a total of 180 days to close on the new property/properties.

I would recommend speaking to all financial advisors that your parents currently have (CPA, Financial Advisor, RE Attorney) and definitely enable the help of a QI who has experience, expertise, and confirm that they are properly insured and bonded.

Hi Jen,

Good luck with the move! I would first recommend speaking with your trusted advisors about the possibility of a 1031 Exchange. Second, I would recommend you speak with a Qualified Intermediary. They can guide you through the process.

Lauren