Home Buying in 44119>Question Details

cpigoni, Home Buyer in Parma, OH

best place to set up a 1031 transfer

Asked by cpigoni, Parma, OH Sun Oct 27, 2013

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I would suggest Title One Agency. Their attorney only charges $500 which is much lower than anywhere else i've found. Their number is 330.835.5650.
0 votes Thank Flag Link Mon Jan 27, 2014
If you're selling, just ask your buying agent for your new home ask them to use the same settlement agency that you're using for your sale. The settlement agency can then create the account and easily transfer the money. OTHERWISE, you'd use a different settlement agency for the purchase and the selling settlement agent would wire the funds from the 1031 acct to them so you'll ready for closing on the purchase. If I can answer any other questions, I'd be happy to help! Best wishes otherwise, Kimberly Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
0 votes Thank Flag Link Mon Oct 28, 2013
A 1041 transfer is in cases of divorce as far as I can tell so that a spouse is not damaged by taxes in the transfer of a property that they have lived in for many years. There should bee nothing to set up just the paperwork to file at the time taxes are done.

If you are talking about the sale and purchase of investment property that is a 1031 exchange. You would be best off getting a tax or real estate attorney involved depending on your comfort level with them after you interview them.
0 votes Thank Flag Link Mon Oct 28, 2013
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