Detailed Exchange Information
• Aircraft
• Improvement
• Personal Property
• Real Property
• Reverse
• Cooperation Language & Forms
• Real Property Exchanges
• Personal Property Exchanges
• General Provisions
Schedule of Fees and Costs for
General Provisions
Costs & Expenses
All reasonable costs and expenses incurred by National 1031 in participating in the closing of properties that are part of an exchange are charged to the Exchangor. These expenses typically include wire transfer fees charged by financial institutions, and expenses for the delivery of documents. Typical costs range from $25 to $50 depending on which property, relinquished or replacement, is being closed.
Payment, Cancellation Policy & Redrafting Fee
Exchange Fees payable to National 1031 are paid upon the closing of the first Relinquished Property or, in a reverse or improvement exchange, upon the closing of the first property involved in the exchange. After the preparation of documentation for an exchange has begun, and the exchange is subsequently canceled for any reason, then a minimum cancellation fee will be charged as follows: $300 for delayed and simultaneous exchanges of real property; $600 for delayed and simultaneous exchanges of personal property; $750 for improvement or reverse exchanges of real or personal property. However, in the event that the Exchangor later exchanges the same property using the same type of exchange within 90 days after the date of cancellation, then the cancellation fee paid will be credited towards the fee charged for such exchange. Reasonable fees may be charged for additional services provided by National 1031 in excess of those typically provided in similar exchanges and for the redrafting of completed documents necessitated by changes in the transaction.
Deposit of Exchange Proceeds
All funds held for Exchangors by National 1031 are deposited with Colorado Capital Bank and other financial institutions insured by the Federal Deposit Insurance Corporation, or invested in securities backed by the full faith and credit of the United States of America or its agencies. All funds are separately accounted for and may be commingled with funds held on behalf of other Exchangors.
Fees and policies are subject to change at any time without notice.
