First Step
Complete the Client Worksheet and fax in a copy with your Contract for Sale. Your Qualified Intermediary will contact you to confirm the details and then e-mail your initial 1031 Documents to the Settlement Agent. The only change to the Sale Documents is showing the Seller on your Settlement Statement as 1031Discount.com Qualified Intermediary. At closing, the 1031 Documents are signed followed by the Sale Documents. The closing proceeds are wired directly to 1031Discount.com as Qualified Intermediary to be held in Trust pending completion of your exchange.
Second Step
You are required to identify replacement property(ies) in writing within 45 days following your closing. You may change your identified property(ies) during this 45 day window but by law the 45 day time frame is not otherwise flexible.
Third Step
Let us know that you are ready to close on your replacement property and fax the Contract for Purchase and your Authorization to Release Funds to 1031Discount.com. Your Qualified Intermediary will contact you to confirm the details and then e-mail the required documentation to the Settlement Agent. The only change to the Purchase Documents is showing the Buyer on your Settlement Statement as 1031Discount.com Qualified Intermediary. Based on your written authorization, the closing proceeds are wired from 1031Discount.com to the Settlement Agent. At closing, the Final 1031 Documents are signed followed by the Purchase Documents and the closing proceeds are disbursed.