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FOLLOW THESE SIMPLE STEPS FOR A SUCCESSFUL TRANSACTION

STEP #1 – SALE OF RELINQUISHED PROPERTY (PHASE I)

  1. Phone consultation with Asset Preservation, Inc. (API)
  2. Exchange opened with API.
  3. Pursuant to the Exchange Agreement, an Assignment is executed prior to closing and API assumes the Exchanger’s Purchase and Sale Contract.
  4. API instructs the closing officer to directly deed the property from the Exchanger to the buyer.
  5. Proceeds are transferred directly to API via wire transfer. API sets up a separate “Qualified Exchange Account” for each exchanger

STEP #2 – PURCHASE OF REPLACEMENT PROPERTY (PHASE II)

  1. API provides exchanger confirmation of exchange proceeds received; the 45-day Identification Period and 180-day Exchange Period; the specific identification requirements; summary of the Identification Rules.
  2. Exchanger properly identifies potential replacement properties under either the Three Property Rule, 200% Rule or the 95% Rule.

STEP #3 – PURCHASE OF REPLACEMENT PROPERTY

  1. Exchanger has a total of 180 calendar days from the relinquished property closing
    date, or their tax filing date, whichever is earlier, to acquire “like-kind” replacement
    properties.
  2. Prior to closing on the replacement property, exchanger assigns the Purchase & Sale
    Contract to API.
  3. Prior to closing on the replacement property, exchanger assigns the Purchase & Sale
    Contract to API.
    1. Initial phone consultation with the exchanger
    2. Exchange opened with API
    3. API provides exchange documents for sale to closing officer
    4. Sale property deeded to buyer; Sale closed; Funds wired to API
    5. API provides identification information and summary of rules
    6. Exchanger identifies property within 45 calendar days
    7. API forwards exchange documents for purchase to closing officer
    8. Funds wired to closing officer; Direct deed and close of purchase
    9. Exchange completed in 80 days; copies of documents to exchanger
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