1031 Exchange Process

THE PROCESS

Before the prospective exchanger initiates the Exchange Process, it is strongly suggested that they contact their legal, tax and/or financial advisors to decide whether exchanging will be compatible with their investment plans.

Step 1 - Plan for the Exchange

Contact Sonatta Camara and The Real Estate Group for an Exchange consultation before executing any contracts for the listing and/or sale of a property.
Place the relinquished property on the market. Next, begin the search for a suitable replacement property. Keep in mind that the exchange timeline clock will not start until ownership is actually transferred to the new owner of the relinquished property.

Step 2 - Sell the relinquished property

Contact Sonatta Camara and The Real Estate Group to open an exchange order after you are in the process of selling your property and before the settlement/closing has occurred. We will then prepare the exchange paperwork and send it to your closing agent for you to sign in conjunction with your other closing documents.

Step 3 - Buy replacement property

Find a replacement property within 45 days, unless you purchase a property before the 45th day. You will be provided with the proper forms and the identification methods will be reviewed with you.
Contact Sonatta Camara and The Real Estate Group upon acceptance of your purchase contract(s) for the replacement property/properties. Upon contacting us, we will coordinate all the final details to your exchange.