1031 Exchange Process & Timeline
Sales Contract For Relinquished Property
Secure a buyer for your relinquished property. Estimate your 1031 Exchange timeline by entering your closing date below.
*A QI needs to be in place before closing on the sale of your relinquished property.Download the 1031 Exchange Process & Timeline
Complete Info Sheet & Contract
Complete the Midland 1031 information sheet and send it to us with a copy of the contract.
Exchange Documents & Closing Instructions
We will create the exchange documents for your review and signature. We will also prepare closing instructions for the title company or attorney handling the closing.
Prior to the closing, the title company or attorney sends the settlement statement for both you and Midland 1031 to review and sign.
On closing day, proceeds are wired to the escrow account we set up in your name to be held until the closing on the replacement property.
Day 45 & Day 180
Within 45 days of closing on the relinquished property, you must identify the intended replacement properties. You have 180 days from the relinquished property closing to complete the purchase of the replacement property.
Once you are under contract for your purchase(s), we require a copy of the contract(s). We create the final exchange documents for your signature and provide instructions for the title company or attorney handling the closing.