The most important document in a 1031 exchange, in this document the Seller gives the Intermediary the right to acquire the relinquished property from the Seller and convey it to the buyer. It also gives the Intermediary the right to acquire the replacement property from the seller and then convey it to the Exchanger.
When a MEGA 1031 consultant is acting as your Intermediary the Notice Agreement will notify the seller and buyer that the properties are being exchanged and we are the Intermediary.
This document Assigns the Exchanger's rights in the Agreement of Sale to the Intermediary and serves as written notification to the buyer of the relinquished property of Sellers intent to affect a 1031 Exchange and also includes a hold harmless clause which assures the buyer that there are no hidden liabilities or costs.
Alternately a 1031 Clause may be inserted into the Agreement of Sale, in which case this document is not required.
This document assigns the Sellers rights in the Agreement of Sale to the Intermediary and also serves as a written notification to the seller of the replacement property that the Exchangers intends to effect a 1031 Exchange. Normally this document also includes a hold harmless clause to assure the seller of the replacement property that there are no additional liabilities or costs which may accrue to him.
Alternately a 1031 clause may be included into the Agreement of Sale, and in such a case this document is no longer necessary.
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