1031 exchange - what kind of lawyer

[rubytue]

I know I have to use a qualified intermediary. But I was some questions about making sure a property qualifies and I don’t blow it later. 

I’m not sure if I need a tax attorney or a real estate attorney. Or maybe once I engage the intermediary, they are the right attorney for that. Anyone?

[imojoebunny]

Do you have a realtor? We looked at doing this a couple of years ago, and our realtor had an in house person who knew all about the process. I don't remember the details, since we didn't end up doing it, but a realtor who specializes in investment property, should be able to guide you to the right people. It could be hard to do now, with the market being so tight, since you have to buy a new property in a specific, pretty short amount of time.

[rubytue]

Sort of... we haven’t listed the old place yet, but should be by August 🤞

The trick was I had all my ducks in a row to 1031 into a condo community near St Augustine. But, with COVID no way I’m getting on a plane for a weekend trip to see properties (and H won’t go for sight unseen, even in an established condo). So, we’ve refocused into a vacation home nearby. And I think it will knock me out of the 1031. But, I’d like to chat with someone to figure out of there is a way to structure it and be OK.

That said, I don’t want a mortgage as large as now, so that might kill it anyway.

edit: by ducks in a row I mean I had the whole thing mapped out with my own research, not that I had people set up to do it.

[mariafromnj]

Your 1031 company should be able to answer questions. If not they will be able to guide you to who you should be talking to. A real estate attorney who has a good understanding of 2 family purchases and sales should also be able to help you.

[Deleted]

We did a 1031 and our qualified intermediary were also real estate attorneys. We also consulted with our CPA.

amherst1031.com/