- Consult with a tax advisor about the tax implications of selling the investment property
- Phone JELD-WEN 1031 for consultation prior to closing on the relinquished property
- Enter into a sale agreement with the buyer
- Notify JELD-WEN 1031 of the sale, and provide the name and phone number of the escrow office
- Open the transaction with an escrow professional knowledgeable about exchanges, and advise the escrow officer that JELD-WEN 1031 will be your qualified intermediary for the exchange transaction
- Close the sale by executing all necessary documentation. Sale proceeds are transferred to JELD-WEN 1031
- You will receive a letter from JELD-WEN 1031 advising you of the important 45-day deadline for identifying replacement properties and the 180-day deadline for completing the exchange transaction. (The letter will be accompanied by a form enabling you to identify potential replacement properties)
- Enter into a sale agreement for the purchase of the identified replacement property
- Notify JELD-WEN 1031 of the intended purchase, and provide the name and phone number of the escrow office
- Arrange for any financing needed to complete the purchase and the exchange transaction
- Close the purchase; execute all required documentation and the property title will be conveyed to you
- The transaction is completed when the deed for the property is recorded. A final exchange package will be provided to you
While each investor and each exchange has a unique set of circumstances with special requirements requiring customized solutions, JELD-WEN 1031 typically advises investors to follow these steps in an exchange transaction.