Cooperation Clause
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The reason for adding a Cooperation Clause to your purchase agreement is to alert the other party that you are doing a 1031 exchange, and that they will need to sign some extra documents as part of the closing.
Relinquished-Property
Insert this text when selling:
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The Buyer herein acknowledges that it is the intention of the Seller to effect an IRS Section 1031 Tax-Deferred Exchange and that the Seller's rights under this agreement shall be assigned to Commercial Partners Exchange Company, LLC, to facilitate such exchange. Buyer agrees to cooperate with the Seller and/or its assigns in a manner necessary to enable the Seller to initiate said exchange at no additional cost or liability. |
Replacement-Property
Insert this text when buying:
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The Seller herein acknowledges that it is the intention of the Buyer to complete an IRS Section 1031 Tax-Deferred Exchange and that the Buyer's rights under this agreement shall be assigned to Commercial Partners Exchange Company, LLC, for the purpose of completing such exchange. Seller agrees to cooperate with the Buyer and/or its assigns in a manner necessary to complete said exchange at no additional cost or liability. |
1031 Tip: Using a cooperation clause helps ensure that you'll have a smooth and efficient closing by informing everyone of what is expected.
Nation Wide Tax-Exchange Services:
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Call Me Directly (Toll Free) At 1-888-308-1031 For A Free Consultation - Or Click Here
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