Question:
“I’m thinking about doing a 1031 exchange, how long does the whole process take?”
Answer:
It’s MUCH faster than you might think.
In fact, it only takes a couple of days to set up. So it shouldn’t delay your transaction.
That being said, never wait until the last minute to set up your exchange.
Tell your agent and your escrow officer immediately that you’re doing an exchange.
And be sure your agent puts the appropriate verbiage in your purchase and sales contract. What IS the appropriate verbiage?
Something to the effect of…
“Buyer to cooperate with seller’s 1031 exchange at no cost to buyer or delay to the transaction.”
If you’re the seller, then swap “buyer” and “seller” in that sentence.
