Friday, March 02, 2007
farm needed for 1031 exchange
In this case my client sold a piece of property and allowed his attorney to hold the proceeds from the sale. Then, this seller has 45 days to close on the purchase of another piece of investment property.
My client wants to purchase a farm between 100 and 200 acres. If the farm is suitable to him, my client will close immediately on this property using the proceeds from prior sale mentioned above.
Labels: Motivated farm buyer
Of course you are correct. In this instance there was an intermediary involved and the attorney did not hold the money.
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