[WSBARP] 1031 Exchange question re: identifying replacement property

[Marc Holmes]

Thanks Craig.  To my knowledge, there were no other properties identified to
the intermediary.

 

 

 

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 Craig Gourley
Sent: Tuesday, September 19, 2017 11:17 AM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] 1031 Exchange question re: identifying replacement
property

 

The identification rules basically state that the identification must be
written, signed, dated, reasonably specific and delivered to a non
disqualified third party.  A purchase and sale agreement typically meets
that criteria and unless withdrawn, I would consider it a valid
identification.  Nothing says the identification needs to be delivered to
the intermediary although it is best practice. In this case if we were
facilitating, absent some additional facts, we would consider it a valid
identification.   The question then turns on if this additional
identification, combined with the other property identified to the
intermediary exceeds the 3 property or 200% rule.  

 

Gourley Law Group

Snohomish Escrow

The Exchange Connection

 

1002 10th Street / PO Box 1091

Snohomish, WA 98291

 

360.568.5065

360.568.8092  fax

 <mailto:Craig at glgmail.com> Craig at glgmail.com

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Marc Holmes
Sent: Tuesday, September 19, 2017 10:40 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] 1031 Exchange question re: identifying replacement
property

 

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

 <http://www.cdb-law.com/> www.cdb-law.com

	
			

 

This transmission contains confidential attorney-client communications and
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Business Entity Creation and Management

Business, Government and Tax Law

Real Estate and Land Use, Residential, Commercial and Condominium
Development

Real Estate and Commercial Transactions & Closings, Including Performing
Services as IRS Section 1031 Exchange Facilitator

Estate Planning, including Wills and Trusts, and Probate Administration

Representation Homeowners/Condominium Association Real Estate Developments

Real Property Foreclosures and Forfeitures

 

 

	

 

 

 

 

 

                

 

                

 

                                

 

                                

 

                                

               

 

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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