What to Expect

Although it is easy to state the Three Simple Steps of a 1031 Exchange, that does not give a feel for the process. Here are the mechanics of a 1031 Exchange transaction with Liberty1031:

Step One
Complete the Client Worksheet and fax in a copy with your Contract for Sale.  An Exchange Coordinator will contact you to confirm the details and then e-mail your Phase 1 Documents to the Settlement Agent. The only change to the Sale Documents is showing the Seller on your Settlement Statement as Liberty 1031, Qualified Intermediary. At closing, Phase 1 Documents are signed followed by the Sale Documents. The closing proceeds are wired directly to Liberty 1031, as Qualified Intermediary.

Step Two
Within 45 days following your closing, you must identify replacement property(ies) by fax or online.

Step Three
Notify your Exchange Coordinator that you are ready to close on your replacement property and fax the Contract for Purchase and your Authorization to Release Funds to Liberty 1031. Your Exchange Coordinator will contact you to confirm the details and then e-mail the Phase 2 documentation to the Settlement Agent. The only change to the Purchase Documents is showing the Buyer on your Settlement Statement as Liberty 1031, Qualified Intermediary. Based on your written authorization, the closing proceeds are wired from Liberty 1031 to the Settlement Agent. At closing, the Phase 2 Documents are signed followed by the Purchase Documents and the closing proceeds are disbursed.

That's It - The Complete Process! Fast, Secure, Easy