What provisions are required in the sales and purchase contracts?
Both the sales and purchase contracts should contain language establishing the Taxpayer’s intent of the exchange. For example, the language could read: “It is the intent of the Seller to implement a ยง1031 Exchange which will not delay closing or cause additional expense to the Buyer. The Seller’s rights under this agreement may be assigned to NCS Exchange Professionals. The Buyer agrees to cooperate with the Seller and NCS in a manner necessary to complete the Exchange.
