1031 may apply only to the exchange of the land for other land. There must be a written "exchange agreement" between you and the QI to prevent you from having "constructive receipt" of the funds during the exchange period.To create a valid 1031 exchange, the taxpayer must assign his rights under the purchase and sale agreement to First American Exchange. Under IRC Section 1031, a foreign investor may exchange their "likekind" US real property interest while still reaping the benefits of 1031 tax deferral. , hereinafter referred to as. The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub. 22 Likes, TikTok video from Educators.