Real Estate Law
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Hi and welcome to JA. Ray here to help you again.
QUESTION 1: Is there a creative way to accomplish this deal to satisfy all parties?Yes you would need to find a property to exchange here to account for the equity from the sale, $359,000 as you state.
QUESTION 2: Can the $217,500 2nd trust be lent to the buyer by a third party and then we buy the loan from that third party?You could buy the note here from the third party.
You will need a realtor that can help you do such a deal and closing.You would need to have another property if you want to do an exchange and avoid the tax bite.
A specialist for you here.
1031 Exchanges now enable one to sell their property to someone totally unrelated to the person from whom they are purchasing their replacement property. Although there are guidelines to follow, the only difference between a 1031 Exchange and a typical sale and purchase transaction is the deferral of federal capital gains.
BASIC REQUIREMENTS OF EXCHANGES