Property Exchange Agreement Form In Fairfax

State:
Multi-State
County:
Fairfax
Control #:
US-00333
Format:
Word; 
Rich Text
Instant download

Description

The Property Exchange Agreement Form in Fairfax is a legal document designed for facilitating the exchange of real property under the guidelines of Internal Revenue Code Section 1031. The form enables property owners to exchange their property for like-kind property while deferring capital gains taxes. Key features include the assignment of contract rights, notice requirements to parties involved, and specifics regarding the handling of escrowed funds. Users must fill in essential details such as the names of the Owner and Exchangor, property information, and timelines for identifying and acquiring replacement properties. Attorneys and paralegals can utilize this form to structure property transactions, ensuring compliance with relevant regulations. Property owners seeking to exchange real estate can benefit by using this form to facilitate a seamless transfer and to maximize their tax benefits. Legal assistants may assist in preparing the form, making sure all the necessary parties receive the appropriate notices within stipulated timelines. Moreover, associates involved in real estate can leverage this form to streamline their transaction processes, safeguarding against liabilities through proper notifications and handling of funds.
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  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate
  • Preview Exchange Agreement for Real Estate

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FAQ

You need the Virginia State's Division of Motor Vehicles website. How can I obtain information about personal property taxes? You can call the Personal Property Tax Division at (804) 501-4263 or visit the Department of Finance website .

To qualify for real estate tax deferral, you must be at least 65 years of age or permanently and totally disabled. Applicants who turn 65 or become permanently and totally disabled during the year of application may also qualify for tax deferral on a prorated basis.

You may view your tax information online or request a copy of the bill by emailing DTARCD@fairfaxcounty or calling 703-222-8234, TTY 711.

Real estate taxes are due in two equal installments. The due dates are July 28 and December 5 each year. If the due date falls on a weekend, the due date moves to the next business day. Tax bills are mailed out three to four weeks prior to the due dates.

The address of the Land Records Division is: Fairfax Circuit Court, 4110 Chain Bridge Road, Suite 317, Fairfax, VA 22030. The telephone number is 703/691-7320 (press 3, then 3). The office is open from a.m. – p.m. Monday through Friday.

A 1031 exchange agreement is a tax deferral strategy that allows individuals or businesses to sell an investment property and reinvest the proceeds into a like-kind property, without incurring immediate capital gains taxes.

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Property Exchange Agreement Form In Fairfax