Property Exchange Agreement Form In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00333
Format:
Word;
Rich Text
Instant download
Description
This form states that the owner of certain property desires to exchange the property for other real property of like kind and to qualify the exchange as a nonrecognition transaction. The agreement also discusses assignment of contract rights to transfer relinquished property, resolution of dispute, indemnification, and liability of exchangor.
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FAQ
Section 1031(f) provides that if a Taxpayer exchanges with a related party then the party who acquired the property in the exchange must hold it for 2 years or the exchange will be disallowed.
Lack of Liquidity- Exchanging properties continually can tie up funds in real estate, making it hard for an investor to access liquid capital if required. While real estate can be a profitable investment, it's not as liquid as some other assets.