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Forward Exchange
$650 at closing of relinquished property
$550 at closing per each replacement property
A Forward Exchange is the most typical type of 1031 Tax Deferred Exchange. This type of exchange involves the sale of an investment property (relinquished property) prior to the acquisition of another. The property is listed and upon the sale, the proceeds are held in an escrow account with a Qualified Intermediary. You then have 45 days to identify a like-kind replacement property or properties (replacement property) that need to be documented before this deadline has passed. Within 180 days, a closing must occur on one or more of these properties and the Qualified Intermediary wires the funds from the escrow account to the title/settlement company.
Reverse Exchange
$3,500 at closing of replacement property
$550 at closing per each relinquished property
A Reverse Exchange is the exact opposite of a Forward Exchange in the timing of the sale of the relinquished property. A Reverse Exchange is utilized when the replacement property is identified and closed on prior to the sale of the relinquished property. In this scenario, your 1031 company acts as an Exchange Accommodation Titleholder (an E.A.T.) meaning that they hold title to the replacement property until the relinquished property is sold. This of course means that the funds for the purchase of the replacement property need to come from the client or their financing source.
