1. Review the name in which you are holding title on the old exchange property – is it consistent with how you have reported the property for income tax purposes?  If not please clean up the title.

2. Some suggested language that you can have the attorney or realtor place in your sales contract for your 1031 exchange is as follows:
   

   Relinquished Property Sales & Purchase Contract:          Buyer herein acknowledges that it is the intention of the seller to create an IRC Section 1031 tax-deferred exchange and that the seller's rights and obligations under this agreement will be assigned to Bankers Escrow Corporation to facilitate such exchange.  Buyer agrees to cooperate with the seller in a manner necessary to enable the seller to qualify for said exchange at no additional cost or liability to the buyer.

   
   
3. Once you have the sales contract completed please send it to us via BANKERS ESCROW CONTACT FORM or fax (303-986-4761).
   
   
4. Please provide the information regarding the title company or the agent that you are using for the closing.  Please provide:  Title Company Name, Closer Name, Phone Number, Fax Number and Address.  We will provide the title company with 1031 instructions and documents.  They will wire us your net proceeds after closing which will be deposited in your own money market account.
   
   
5. An identification form is sent to you from Bankers Escrow and will include the 45 and 180 day deadlines for your exchange, a confirmation of 1031 proceeds received and an earnest money request form
   
   
6. For the replacement exchange property here is suggested language for the purchase contract:
   
   

   Replacement Property Contract:          Seller herein acknowledges that it is the intention of the buyer to complete an IRC Section 1031 tax-deferred exchange and that the buyer's rights and obligations under this agreement will be assigned to Bankers Escrow Corporation to facilitate such exchange.  Seller agrees to cooperate with the buyer in a manner necessary to enable the buyer to qualify for said exchange at no additional cost or liability to the seller.

   
   
7. Once again when you have the purchase contract completed please send it to us via BANKERS ESCROW CONTACT FORM or fax (303-986-4761. In addition we will need the information regarding the title company or agent that you are using for the closing. Please provide: Title Company Name, Closer Name, Phone Number, Fax Number and Address. We will prepare the proper documents & instructions and wire the 1031 funds for closing.
   
   
8. Bankers Escrow, at the conclusion of the exchange transaction, will send you a complete exchange tax package that you can give your tax preparer for tax reporting of the exchange transaction on Form 8824.

Please call if you have any questions.

Bankers Escrow Corp. 
303-986-4848 or 800-571-6595