[WSBARP] 1031 Exchange question re: identifying replacement property

[Bryce Dille]

When the first offer was made did the exchanger send the written offer to the facilitator advising the facilitator that this was a property that could be a replacement property?



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Bryce H. Dille | Attorney at Law

P: 253.848.3513| F: 253.845.4941
317 South Meridian
Puyallup, WA 98371
bryced at cdb-law.com<mailto:bryced at cdb-law.com>
www.cdb-law.com<http://www.cdb-law.com/>





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Business, Government and Tax Law
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Marc Holmes
Sent: Tuesday, September 19, 2017 10:09 AM
To: 'WSBA Real Property Listserv'; wsbarp-bounces at lists.wsbarppt.com
Subject: [WSBARP] 1031 Exchange question re: identifying replacement property

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
HolmesLawGroup.com<http://holmeslawgroup.com/>
marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>
Ofc: 206-357-4224
Cell: 206-849-0853

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