Alabama Property Exchange Services, LLC (“Apex”), a wholly owned subsidiary of Jefferson Title Corporation, serves as a Qualified Intermediary to assist you with IRS Section 1031 exchanges. The use of a Qualified Intermediary is essential in completing a successful 1031 exchange. The Qualified Intermediary performs several important functions in the 1031 exchange process including holding the 1031 exchange proceeds, sending reminders of important dates, providing settlement statements and communicating with the closing attorney to ensure a smooth closing. Apex also can serve as an Exchange Accommodation Titleholder in connection with a reverse exchange.
Below are some important deadlines to remember.
Within 45 days of selling the relinquished property you must identify suitable replacement properties. This 45 day rule is very strict and is not extended should the 45th day fall on a Saturday, Sunday, or legal holiday.
The replacement property must be received by the taxpayer within the "exchange period," which ends within the earlier of 180 days after the date on which the taxpayer transfers the property relinquished, or the due date for the taxpayer tax return for the taxable year in which the transfer of the relinquished property occurs. This 180-day rule is very strict and is not extended if the 180th day should happen to fall on a Saturday, Sunday or legal holiday.
For more information please contact us at 205.328.8020 or email@example.com