There are many options to consider when choosing a Qualified Intermediary to facilitate the 1031 exchange, and in regards to professionalism, knowledge and incredible customer service, The Gustavson Group has found none better than Xchange Solutions based out of San Jose, California.
Xchange Solutions is an independent 1031 exchange intermediary service, founded in 1996 by Jonathan Baughman and Kevin Hereford to provide the most professional and complete intermediary service in the industry. Offices are located in San Jose, San Mateo, Santa Cruz, Reno, and Seattle, Washington, however if you are working with The Gustavson Group you will be working directly with Founders Jonathan Baughman and Kevin Hereford here in San Jose.
Xchange Solutions is a member of the Federation of Exchange Accommodators, the largest national professional association providing 1031 education. With over 50 years of combined 1031 exchange experience, and tens of thousands of transactions closed, they truly are the best around.
Call Jonathan directly at 1-800-410-1031 if you have any questions about their services as your Qualified Intermediary.
Step 1 - Plan the Transaction: Talk with your exchange facilitator to discuss your transaction. After listening to your investment objectives we'll determine the best way to structure your transaction. We'll estimate the amount of potential capital gains taxes you'll save.
Step 2- Purchase & Sale Agreement: The exchange often begins with a standard purchase and sale agreement. The agreement will contain language which establishes the exchanger's intent to exchange and obtains the buyers consent to cooperate. Your exchange facilitator will convert this "sale" transaction into an exchange with the use of specialized documentation.
Step 3 - Relinquished Property: Once you have decided to perform an exchange contact The Gustavson Group & Xchange Solutions immediately. Also notify all parties to the transaction of your intent to exchange, including your real estate agent, escrow officer, and attorney. We will collect the information needed to prepare the exchange documents. The originals will be forwarded to the closing agent for execution at closing. Copies are sent to all parties for review. At closing the exchanger will transfer the relinquished property to the intermediary who will simultaneously sell the property to the buyer.
Step 4 - Replacement Property: After closing the relinquished property, the exchanger (and you) will have 45 days to identify the replacement property and 180 days to complete the exchange. The exchanger notifies us once they have entered into an agreement to purchase the replacement property. We will deliver the documents needed to complete the exchange to the closing agent. At closing, the property is transferred to the exchanger. The exchange is now complete.
Most Important! - Your exchange facilitator and the team at The Gustavson Group are available at every stage of the process to answer any and all questions from you, your accountant or attorney. We are specialists in these areas, and pride ourselves on always being available to answer the tough questions.