Hanes Investment Realty, Inc. has a 100% success rate of concluding exchanges due to our unrelenting 1031 Exchange Commitment.
The Hanes 1031 Exchange Commitment
We guarantee to perform the following items to secure your exchange property.
- Perform an ongoing search of all of our subscription based National-Global online investment multiple listing services.
- Every day throughout the week we personally review every available investment property in print subscriptions.
- Advertise your exchange needs in various medias at our expense.
- Send mass emails to brokers and principals in our database.
- Target mass mailing to owners of the property type and size you are looking for, describing your specific needs to exchange property, available equity, and time requirements.
- Contact other brokerage houses and other agents that specialize in the product type you are looking for.
- Locate property advertised as principles only and if the property meets your needs, we step aside if the broker is unwilling to cooperate.
- Contact major escrow companies and major exchange accommodators for any available property they may know of.
- Contact reverse exchange companies for any available inventory, needing to be sold.
- Perform on ongoing search of broker’s websites.
- Perform an ongoing search of the CRMLS multiple listing service for acceptable property.
- Provide you with 30 day written updates including copies of the materials gathered.
- Contact our network of other brokers for their “pocket” or “may be available” listings.
- Give you first choice on any new product that we list prior to placing the property in the mass market.
- Perform a match of your need to owners we know want to sell but are unable (at this time) to give an exclusive listing.
- Monitor our daily email of just listed properties from cooperating brokers.
- We will perform the above items until your exchange property is secured or the time period to exchange has concluded.
The Internal Revenue Service (IRS) 1031 regulations allow you to choose a replacement property by using any one of the following three rules:
- 3 Property Rule: Up to three properties regardless of their value.
- 200% Rule: Any number of properties as long as their combined fair market value does not exceed 200% of the fair market value of all relinquished property.
- 95% Rule: Any number of properties, no matter what the aggregate fair market value, provided 95% of the identified properties are acquired.
You must identify the replacement property(ies) within 45 days of the close of escrow on the sale of the relinquished property. The replacement property(ies) must close escrow on or before:
- 180 days from the date of closing the transfer of the relinquished property, or
- The tax filing date for the taxable year in which the transfer of the relinquished property occurred, whichever is sooner.
You may file for all allowable tax filing extensions to ensure the availability of the 180 day period
Hanes Investment Realty, Inc. recommends that you seek counsel from your tax advisor and/or attorney to make sure performing an IRS 1031 Exchange is right for you. It is not the intention of Hanes Investment Realty, Inc. to provide counsel in regards to your specific tax situation but only to provide you with the instruments to accomplish the exchange.