A 1031 exchange is a simple strategy and method of selling one property and then acquiring another property within specific time frame.
The seller then instructs the Qualified Intermediary to purchase the new property, which is commonly referred to as the replacement property. The benefit of a 1031 exchange is that the party buying and selling the property is able to defer capital gains taxes on the sale of the relinquished property.
Although in theory the process sounds simple the execution is not so. With the complexity of this process and the detailed nature and time sensitive delivery of all requirement and conditions the seller must choose a settlement company that is excels above the rest and has had prior experience in handling this type of transaction.
The high experienced attorneys of Potomac Title have handled many 1031 exchange and are versed in the nuances of these type of transactions.
Learn for yourself and experience the difference. Our staff will be sure to answer any questions or concerns you may have. Further, should you desire a customized quote feel free to contact us.
These transactions our governed by the section 1031 of the Internal Revenue Code which dictates the procedure and method of this sell and buy transaction. A 1031 exchange involves a Qualified Intermediary (a neutral third party) receiving the sale proceeds from the property that is being sold, referred to as the relinquished property.
Alyssa White is our Settlement Manager here at Potomac Title Group. Alyssa joined our team in 2016, and brings a very unique perspective with over 17 years of experience in the real estate industry. While she has spent most of her years providing title and settlement services throughout VA, MD and DC with a great track record in leadership roles, she has also worked as a Licensed Real Estate Agent and for several years after college she worked as an International News Broadcast Designer.
In her free time, Alyssa enjoys spending time with her three children, staying informed on Current Events, shopping and watching the Home and Garden Channel.
Sarah Rogers is a processor for Potomac Title Group Services. She got her Bachelors Degree from The University of Tennessee. Sarah got her start as an administrative assistant for Mason Dixon Funding, a local mortgage company. From there she worked in various customer service positions which gives her an uncanny ability to problem solve. Sarah has been with Potomac Title Group Services since 2014 and has proven her talents in supporting our clients and polices. She lives with her husband Jeff and their two dogs, Beau and Dixie.