Posted by Ben (NJ) on November 30, 2001 at 14:34:27:
I would use the intermediary no matter what just to avoid any potential problems with the IRS. I am doing a 1031 right now too and am using LandAmerica Exchange
in Phila. Everything is going pretty smoothly so let me know if you want to use them, I’ll get you their number. Also, make sure your attorney is knowledgable
with 1031’s too, I have heard horror stories of how it gets all screwed up with deadlines etc. I’m sure you have your own attorney but if you need one skilled at 1031’s let me know.
Posted by JohnB_NJ on November 30, 2001 at 24:50:32:
John,
I am perparing to sell a rental property via a 1031 exchange. I will be purchasing my target property on the same day. My questions are:
1 Can I purchase my new property on the same day I sell my rental property.
2 Can my attorney handle the 1031 or do I need a intermediary (sp?). I know I need one if I do not have a replacement property yet to hold the funds. But in this case, the replacement property is ready to be purchased.
Thanks for your time. I will be review various 1031 articles this evening.