What is a 1031 Exchange?
In short, a 1031 exchange is an IRS code that allows you to defer (or avoid) paying capital gains tax on real estate sales by buying "like-kind" properties in a specific amount of time and following certain rules.
How long does it take?
You have 45 days after the sale closes to pick the property or properties you want. You have 180 days to close those deals. There are three approaches allowed in a 1031 exchange for identifying and buying the next property or properties. The 3 property rule, the 200% rule and the 95% rule all allow you differing ways to chose the properties you want. Tony can help you find a exchange facilitator, sell the subject property and select the new properties you need.
Why do I need a Facilitator when I have Tony Barker?
Tony can help you find that person, sell your property (residential or commercial), and buy the properties you need. The facilitator does the paperwork with Tony Barker, the title company and holds the funds between transactions. That is why it is VERY important to hire the RIGHT facilitator to protect your funds.
What does this type of transaction cost?
With Premiere Home Realty Inc and Tony Barker, nothing. Tony Barker is paid from the standard commission as part of the sale and/or the purchase of the new properties from the listing agent. If your property does not sell, you terminate, or forecloses you owe Tony Barker and Premiere Home Realty nothing. As always with Tony Barker, you can terminate at anytime for no cost.
The facilitator fees vary from $250-$1000 for the transaction depending you your area, the company and your deals. Tony can help you with your 1031 exchange through-out the entire process.and all that comes with that. Tony Barker is your best opportunity to put this behind you and you can move on with your life.
Click here for the wikipedia information about Internal Revenue Code section 1031.
What Do I Need to Do?
Contact Tony Barker, Broker with Premiere Homes Realty Inc, immediately about your needs in real estate and to find out more about 1031 Exchanges and how you can best take advantage of them.