1031 Exchange Relinquished Property

An Exchange Timeline ...

Phase I:  Sale of Old (Relinquished) Property

A.  Contract Stage

1. Negotiate and sign your contract as seller.
    
2. Include language in your contract to establish your intent to do a tax deferred exchange:
   
   “Seller intends to do a 1031 Exchange and buyer agrees to cooperate with seller regarding the exchange at no additional cost to buyer and no delay to the closing”.
    
3. Select a title company and/or closing agent to handle the closing of your transaction.

B.  Closing Stage

1. Call Olympic Exchange Accommodators, LLC when you have a signed contract.  Information we will need:
    
• Phone number, name, and reference number for your closing agent or title company and a copy of your contract
   
• Your mailing address, phone and fax numbers
   
• Sale price of the property you are selling
   
• Amount of any debt on the property you are selling
   
• Percentage of ownership of the property you are selling (i.e., if you own half of the property)
   
• Whether you are going to help the buyer of your property finance the purchase (i.e., owner carry)
   
• In what name you hold title to the property
   
• If you need any cash out of the transaction (this amount will be taxable boot to you).
   
2. Olympic Exchange Accommodatos, LLC will contact the closing agent or title company and will prepare the  exchange agreement between you as an Exchangor and Olympic Exchange Accommodators, LLC.
    
3. The exchange agreement will be forwarded to you or to the closing agent,  depending on timing and the location of the closing.  Draft copies of the exchange  agreement may be forwarded to you if time allows.
    
4. The sale closes, and funds from the sale are wired or delivered via check into your exchange account with Olympic Exchange Accommodators, LLC.