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 the purchase or sale of real estate while ensuring 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 doing a 1031 exchange, it is crucial that you retain a real estate attorney who understands the intricacies of a tax-deferred exchange to ensure 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 coordinate closing with the exchange company and ensure that every phase of your transaction, including the submission of documents to the exchange company, complies with the strict requirements of the IRS.
With 35 years of 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 over 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. Avoid making costly mistakes and contact us before you sign any agreements relating to your exchange.
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