Get Exchange Addendum To Contract To Buy And Sell ... - Colorado.gov

The Exchange Addendum To Contract To Buy And Sell is a crucial document in real estate transactions involving property exchanges under Section 1031 of the Internal Revenue Code. This guide will provide you with a detailed, step-by-step overview of how to complete this form online, ensuring you understand each component and its significance.

Follow the steps to effectively complete the addendum online.

1. Click the ‘Get Form’ button to access the Exchange Addendum and open it in your editable viewing area.
2. Begin by filling in the section labeled 'Amendment to a Contract to Buy and Sell Real Estate'. Here, you will need to provide the property's name and the date of the original Contract between the Buyer and Seller.
3. In the 'Parties' section, specify the names of the Buyer(s) and Seller(s). Note that the roles include the Exchanging Party and the Cooperating Party for clear identification.
4. Proceed to the 'Declaration of Intent' section, where the Exchanging Party must affirm their intent to structure the sale as an exchange under Section 1031.
5. In the 'Limited Assignability; Cooperation' section, ensure you understand the assignability of rights and the obligations of both parties regarding cooperation without incurring additional costs.
6. The 'Legal/Tax Advice; Other Legal Documents' section indicates the importance of seeking legal and tax advice, so consider noting any requirements for additional legal documents.
7. Finally, review the document for completeness, ensuring all dates are filled in accurately for each party's signature. Once you are satisfied, you can save changes, download, print, or share the form as needed.

Complete your Exchange Addendum online today for a smoother real estate transaction.