1031 Exchanges

If you are contemplating doing a 1031 tax deferred exchange involving real estate in New York City, Westchester or Long Island, you will require an attorney competent in both New York real estate legal practice and familiar with IRC Section 1031. A 1031 exchange company cannot dispense legal advice nor can it represent you in a real estate transaction. The exchange company's limited role is to act as a qualified intermediary (QI) or exchange accommodation titleholder (EAT). Alexander Wolf, Esq. will guide you in negotiating for the purchase or sale of real estate while insuring that the transaction complies with the IRS safe harbor guidelines.

Wolf & Associates understands how important it is for you to successfully defer payment of tens, if not hundreds of thousands or millions of dollars in capital gains. Alexander Wolf, Esq., will personally handle your transaction from initial consultation, through property identification, contract negotiation, due diligence review and closing, whether for relinquished or replacement property in a forward or reverse exchange.

In many states it is customary for a real estate broker and title company to consummate real estate transactions. In New York you will require the services of an attorney to negotiate the contract of sale, conduct due diligence review (for replacement properties) and close the deal. As an investor undertaking to do a 1031 exchange it is particularly important that you retain a real estate attorney who understands the intricacies of a tax deferred exchange to insure that your contract incorporates critical elements such as a cooperation clause and timelines compatible with those imposed by the IRS. In addition, you will need an attorney familiar with the mechanics of the exchange process to competently coordinate closing with the exchange company, and insure that every phase of your transaction, including submission of documents to the exchange company, complies with the strict requirements of the IRS.

With 30 years' experience in the real estate industry as a property manager, real estate broker, real estate attorney and educator at the New York Real Estate Institute who has taught the course on 1031 exchanges for nearly fifteen years, Alexander Wolf has the cumulative experience to guide you in dealing with real estate law, customs and practices within the Greater New York City metro area. An initial consultation is just an email or telephone call away between the hours of 9 to 5 Eastern Standard Time. A 1031 exchange company's Exchange Agreement explicitly states that it does not provide legal advice. The non-exchanging party in your real estate transaction is not concerned about your tax deferral. Avoid making costly mistakes and contact us before you sign any agreements relating to your exchange.