To engage in a 1031 exchange, real estate investors in Virginia must meet certain criteria. Form 8824 is used to report the exchange and is included in the publication.Start your 1031 Reverse Exchange here. Please provide us with as much information as possible. What does Towne 1031 Exchange need to set up my exchange? Once a taxpayer has decided he might want to do a 1031 Exchange, he should first contact a real estate or tax attorney for counsel. Exchange Agreement: This is the contract between you and your Qualified Intermediary. What if the Exchanger is taking title to the replacement property in a name that is different than your exchange documents? At closing, the proceeds are delivered to the Qualified Intermediary to be held in escrow for the benefit of the Exchanger. Transfer of Title: The title of the replacement property is transferred to the taxpayer, completing the exchange.