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With rising real estate values, an increasing number of clients are using 1031 Tax Deferred Exchanges to trade up in value. As a result, we are witnessing more simultaneous closings whereby the proceeds of a sale are utilized to purchase the new replacement property on the same day. Often times glitches through title problems, bank packages, wire transfers, and delays, etc, throw a monkey wrench into the sale of the first property creating a chain reaction with the second closing. I encourage parties to avoid simultaneous closings whenever possible.
Closing Tip No. 43: Seek to avoid same day closings. The stress and potential for problems becomes magnified two-fold. Whenever possible, arrange for a few days between sale and purchase. If possession is an issue, seek to negotiate allowing the seller post occupancy possession following closing. If that is not possible, attempt early access for the express limited purpose of storing belongings. In the end, all objectives will be accomplished and if unexpected surprises arise at lease there is a brief window of opportunity to address the problem.
Call Alan McMullen for all your real estate needs on Marco Island and in Naples Florida, just call 1-239-272-4119 or toll free 1-800-627-2640
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