To begin your 1031 exchange we have outlined the following steps that will help insure a successful and timely exchange. If at any time you have questions feel free to contact us. You can also download our 1031 exchange brochure to learn more about what we offer.
- STEP 1: Consult your tax or financial advisor to insure that a 1031 Tax Deferred Exchange is right for you.
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STEP 2: Contact your local Waterford 1031 Business Development Consultant at 877-466-1031 with your questions and requests.
- STEP 3: Complete the Waterford 1031 Client Worksheet and submit to a Waterford 1031 Exchange Coordinator along with sale of property documentation. Client Worksheets will be provided by your local Business Development Consultant or you can download the Client Worksheet online here.
- STEP 4: A Waterford 1031 Exchange Coordinator, assigned to your exchange, prepares and delivers additional documentation upon closing of relinquished property.
- STEP 5: Along with the Settlement Statement, proceeds from sale of relinquished property are delivered directly to Waterford 1031 for holding as the QI. Our work is bonded and insured for security. At this point, interest begins to accrue on the deposited funds.
- STEP 6: Identify up to three replacement properties to be purchased within 45 days of the sale of the relinquished property. Use the Identification Statement document provided at the closing of the relinquished property or download an Identification Statement here.
- STEP 7: Deliver the completed and signed Identification Statement to your
Waterford 1031 Exchange Coordinator or fax the form to us at 877-621-8012. The Waterford 1031 Exchange Coordinator will prepare
and deliver documentation for the closing of the replacement property.
- STEP 8: Close on replacement property within 180 days from the sale of the relinquished property (includes 45 day identification period). Proceeds are paid directly by Waterford 1031, as the QI, and you receive the deed to the replacement property.
- STEP 9: Congratulations. You have completed a 1031 Tax Deferred Exchange with Waterford 1031 Financial Exchange Services LLC.
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