When making a purchase agreement (for review purposes only, this is not legal or tax advice, please have your tax and or legal adviser and or attorney review any and all contract language ), it is advisable to add "and or assigns", to express, that you may have assigned certain tasks to others (like a Broker, Qualified Intermediary, etc), which maybe required to be performed by you, specifically, in the agreement. Also, it is important to add cooperating or cooperation clauses; and in addition stating that this transaction is a part of 1031 Tax Deferred Exchange, and that by the purchaser or seller recognizing this, and the 1031 processes, by signing the agreement, and that by signing, they are required to cooperate with both you and your "assigns."
For review purpose only, here are some possible ways to
express that this is a 1031 purchase:
(This is not legal or tax
advice, please have your own tax and or legal and or attorney and or accountant
and or Broker and or Qualified Intermediary, and all of your own advisers to
review any and all contract language, and rely solely on your research,
advisers, and rely exclusively on those results
.)
Seller hereby acknowledges that Purchaser has the option to qualify this transaction as part of a tax deferred exchange and transfer this property through the use of a Section 1031 Tax Deferred Exchange of the Internal Revenue Code. Seller agrees that Purchaser may assign its rights and obligations under this agreement to a Qualified Intermediary and or an Exchange Accommodation Titleholder as necessary to facilitate such exchange. Seller agrees to cooperate in a manner necessary, to enable the Purchaser and or its assigns, in order to complete said exchange; which will neither cause additional expense or liability to the Seller.
Purchaser hereby acknowledges that Seller has the option to qualify this transaction as part of a tax deferred exchange and transfer this property through the use of a Section 1031 Tax Deferred Exchange of the Internal Revenue Code. Purchaser agrees that Seller may assign its rights and obligations under this agreement to a Qualified Intermediary and or an Exchange Accommodation Titleholder as necessary to facilitate such exchange. Purchaser agrees to cooperate in a manner necessary, to enable the Seller and or its assigns, in order to complete said exchange; which will neither cause additional expense or liability to the Purchaser.
