First, become knowledgable about the 1031 Exchange process by locating a "Qualified Intermediary."

Second, the Exchangor must incorporate an "Exchange Cooperation Clause" in the contract to sell their property.

Third, at closing, all funds get wired to the "Qualified Intermediary."

Fourth, the Exchangor must locate and contract for the "replacement property" with 45 days of the Exchangor selling their replacement property. Exchangor must incorporate an "Exchange Cooperation Clause" in the replacement property contract.

Fifth, the Exchangor must close on the replacement property within 180 days of the close of the relinquished property.

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