Typical 1031 Exchange Agreements
A post on the website of Mackay, Caswell & Callahan discusses the basics of drafting contracts associated with Section 1031 exchanges.
The author explains that this section in the tax code allows taxpayers to use borrowed tax money to purchase more investment or business property.
The article covers the required elements in the exchange agreement, the differences between these agreements and qualified exchange accommodation agreements, assignability, the cooperation clause and release of liability, compliance with receipt requirements, and more.
