[WSBARP] 1031 Exchange question re: identifying replacement property
Marc Holmes
marc at holmeslawgroup.com
Tue Sep 19 10:39:48 PDT 2017
I'm not sure but will ask.
Marc Holmes
Holmes Law Group PLLC
2303 W. Commodore Way, # 306
Seattle WA 98199
HolmesLawGroup.com <http://holmeslawgroup.com/>
marc at holmeslawgroup.com
Ofc: 206-357-4224
Cell: 206-849-0853
From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Tuesday, September 19, 2017 10:17 AM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] 1031 Exchange question re: identifying replacement
property
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?
cid:image001.jpg at 01D1AB8F.1C8227E0
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
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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
Ofc: 206-357-4224
Cell: 206-849-0853
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