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As a realtor, when working with an investment client interested in maximizing their returns, I often introduce them to the 1031 exchange process for capital gains.

A 1031 exchange is a tax-deferred exchange that allows an investor to sell a property and reinvest the proceeds into a like-kind property without paying capital gains taxes on the sale. To be eligible for a 1031 exchange, the property must be held for investment or used in a trade or business, and the new property must also be held for investment or used in a trade or business.

The 1031 exchange process involves several steps. Firstly, the investor must identify the replacement property within 45 days of the sale of the original property. The investor has 180 days from the sale to close on the new property.

During the exchange, a qualified intermediary holds the funds from the sale of the original property and disburses them towards the purchase of the new property. The investor cannot take possession of the funds, as doing so would disqualify the exchange.

Firstly, it’s important to note for foreign buyers, the bank primarily verifies the the client has sufficient funds to cover the down payment, closing costs, and reserves. The down payment required is typically between 30% to 35% of the purchase price.

 

Additionally, the client must have a valid passport and visa and provide a legible, scanned copy or clear photo of both. The bank also requires the last two months of bank statements to certify available funds for the down payment, closing costs, and reserves.

To complete the application, the client must provide one reference letter from their bank. The letter must state the type and length of the client’s relationship with the bank, which should be more than two years, and certify that the client has no derogatory history. The reference letter can be from the client’s bank in their country of origin.

 

Finally, the client must already own a property (primary residence) and provide documentation certifying that the property is free of debts and liens to fulfill the homeownership history requirement.

 

As a dedicated realtor, I am committed to guiding my foreign clients through the entire process and ensuring all documentation is in order. Please note that any documentation in Spanish or any language other than English must be translated by a certified translator.

 

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