Real Estate Transactions
Navigating any change can be difficult. Whether you are selling real estate outright, on contract, or in a like-kind exchange, let our experience help you complete the transaction. We work with our clients to navigate the complexities of contracts and create the best deal for both parties involved.
Tony Crowell is available to assist you with your real estate transactions. In addition to critical guidance throughout the transaction, documentation may include one or more of the following:
Like-Kind Exchange Documentation
Deed Preparation
Transfer on Death Deeds
Purchase / Sale Agreements
Assignments
Closing Affidavits
Closing Statements
Transfer Reports
Option Agreements
Land Contracts
Promissory Notes
Real Estate Mortgages
Lease Agreements
Mechanic's Liens
Right of First Refusal Agreements
FAQ: Real Estate
Q: Can a beneficiary be added to your real estate?
A: Yes, a beneficiary can be added by preparing a Transfer on Death Deed. This allows you to designate a beneficiary to receive your property at your death. This transfer can be changed or revoked anytime during life, and the real estate does not transfer until death. A Transfer on Death Deed also allows you to avoid the probate process.
FAQ: Like-Kind Exchange
Q: When should I contact my attorney if I want to do a 1031 exchange?
A: You should discuss your wishes with your attorney before you sign an agreement to sell your property.
Q: Why do a 1031 exchange?
A: 1031 exchanges offer the opportunity to defer or gain taxes recognized on the sale of property.
Q: What is like-kind property?
A: The Internal Revenue Code Section 1031 states that “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.” Like-kind property can include an exchange of real estate for real estate (Single Family Rentals, Duplexes, Apartments, Commercial Properties, Farm Ground), equipment for equipment, and cattle for cattle.
Q: When is a 1031 exchange applicable?
A: It is applicable whenever a property owner intends to sell any property that is not his or her primary residence (and falls under the definition of like-kind property) and plans to buy another like-kind property within 180 calendar days following the closing of the property sold.
Q: Can there be more than one propert in a 1031 exchange?
A: Yes, there are no limits on the number of relinquished properties that can be included in the same 1031 exchange.
Q: What is a reverse 1031 exchange?
A: A reverse exchange occurs when the new property, intended to replace the current property, is purchased before the current property is sold.
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