1031 Exchanges

Old Greenwich Village apartment buildings in New York City

Garay Real Estate has a particular expertise in 1031 exchanges: During the past 12 months, we have worked with more than a dozen buyers and sellers to match them with appropriate properties.

 

1031 Exchange Definition

A 1031 exchange allows an investor to sell a property and reinvest the proceeds into a new property to defer all capital gain taxes.

The seller has 45 days after closing to identify a like-minded property and 6 months to close on that property.

 

Our Process

We meet in person with all prospective 1031 exchange buyers and sellers to learn their ultimate goals. From this, we can steer you to the perfect sale and purchase. You'll receive detailed analytics and financial statements for each and every 1031 proposed property.

After the sale is completed, we often rent or lease the investment property for clients if there is a vacancy. Our work is not complete until the property is generating income for the client.

 

1031 Intermediary

As part of the 1031 exchange transaction, a 1031 intermediary must be hired in advance of the original sale. All funds from the buyer must go into the intermediary escrow account and must never touch the hands of the seller or the entire exchange is disrupted.

With our experience, we can recommend and connect you with our trusted 1031 financial intermediaries.

 

1031 Attorney

Of equal important, each 1031 transaction, must have an attorney skilled in handling the 1031 exchange. Our trusted network of experienced attorneys can assist with all legal work.