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To complete a 1031 exchange in Farmington, NY, you must work with a qualified intermediary to hold your funds and sign an agreement. At 1031 Nationwide, we can provide the expertise and support you need to ensure a successful exchange.
To participate in a 1031 exchange, you must first sell your existing property, which is known as the “relinquished property.” All deadlines for the exchange process are based on the closing date of the relinquished property, not the contract date.
Once you’ve sold your relinquished property, the next step in a 1031 exchange is to identify potential replacement properties to buy. This is a crucial step in the exchange process, and it must be completed within 45 days of the sale of the relinquished property.
The final step is to purchase the replacement property within 180 days of selling the relinquished property. This six-month window allows you to find and close on a suitable replacement that meets your investment goals and the exchange requirements.
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At 1031 Nationwide, our mission is to help you achieve your investment goals, while minimizing your tax liabilities and simplifying the 1031 exchange process. We understand that navigating a 1031 exchange in Farmington, NY can be complex and time-consuming, but with our expertise and experience, we can guide you every step of the way.
Our team of qualified intermediaries has helped countless investors across the country successfully complete their 1031 exchanges, unlocking new opportunities for growth and financial freedom. We offer personalized guidance and support throughout the entire process, from identifying potential replacement properties to closing the deal.
At 1031 Nationwide, we understand that completing a 1031 exchange can be a complex and daunting process. That’s why we offer a range of services to simplify the exchange process and help…
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At 1031 Nationwide, we are dedicated to helping real estate investors grow their portfolios and achieve their financial goals through 1031 exchanges. We understand that navigating the complexities…
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At 1031 Nationwide, our mission is to help you achieve your investment goals, while minimizing your tax liabilities and simplifying the 1031 exchange process in Farmington, NY. We understand that navigating a 1031 exchange…
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Farmington is a town situated in Ontario County, New York. It was first settled in 1789 and officially established on April 8, 1824. Historically, it was known for its agricultural roots, with major crops including corn and wheat. Over the years, Farmington has evolved, now offering a mix of residential areas, commercial zones, and natural landscapes.
The population of Farmington stood at approximately 13,736 residents as of the latest census in 2020. This number has been steadily increasing due to the town's proximity to larger urban centers like Rochester. The community is diverse and welcoming, with a range of amenities that cater to residents of all ages, including schools, parks, and recreational facilities.
In terms of the real estate market, Farmington offers a variety of housing options, from single-family homes to condominiums. The town features a mix of traditional and modern architecture, providing options for different preferences. The real estate market in Farmington is stable, with a median home value of around $190,000, making it an attractive location for those looking to buy property in a peaceful yet well-connected town.
We have worked with various companies, just a few we have partnered with. You can be assured that your 1031 Exchange will be handled appropriately.
