[WSBARP] 1031 Exchange question re: identifying replacement property

[Marc Holmes]

Short version:  Is an offer to purchase sufficient identification of a
replacement property for purposes of a 1031 exchange?

 

Client made an offer on a house contingent upon the sale of vacant land
intending to do a 1031 exchange.  Seller wouldn't come down in price so it
went nowhere.  The land sale subsequently closed and proceeds were received
by a 1031 facilitator.  Later, client made a second offer on the property
but again seller wouldn't budge.

 

Fast forward to today and seller is willing to accept client's offer but the
45 day period expired last Friday without client submitting anything formal
to the 1031 facilitator to identify this or any other replacement property.


 

Facilitator is still holding the funds from the land sale and an employee
thereof suggested back dating a new offer on the property to last Friday.
That seems unethical or worse so I'm wondering if there's another way.

 

 

 

Marc Holmes

Holmes Law Group PLLC

2303 W. Commodore Way, # 306

Seattle WA 98199

 <http://holmeslawgroup.com/> HolmesLawGroup.com

 <mailto:marc at holmeslawgroup.com> marc at holmeslawgroup.com

Ofc: 206-357-4224

Cell: 206-849-0853

 

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