How long does a 1031 Exchange Take?
Sales Contract For Relinquished Property
Secure a buyer for your relinquished property.
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.
Review, Sign, Complete
Once it is time to close on your purchase(s), both you and Midland 1031 review and sign a copy of the settlement statement. We will wire proceeds to the title company or attorney. When you close on all purchases, your exchange is complete.
We're here for you.
At Midland 1031, we've been doing this for 25 years, and we know that every potential 1031 exchange is unique.
Our starting point with each conversation is simple: tell us about your situation.
We can guide you through the decision-making process of whether a 1031 exchange is right for you.