13) WHEN IS THE BEST TIME TO NOTIFY RELATED PARTIES ABOUT THE INTENT TO COMPLETE A 1031 EXCHANGE?
The IRS requires you to notify the buyer of your relinquished property and the seller of your replacement property of your intent to complete a 1031 Exchange. However, you should wait until all terms of the Agreement of Sale have been agreed upon before making this notification. Ideally, you would like to have the cooperation of your buyer and seller but it is not necessary, as regulations simply require that they be notified in writing.
