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My partner is selling his commercial property that he has in…

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My partner is selling his...
My partner is selling his commercial property that he has in a Tenants in common structure. About half of the investors want to do a 1031 exchange into another property. Can we purchase the other property in an LLC or do we have to purchase it in another TIC for the 1031 to be valid?
Submitted: 3 years ago.Category: Real Estate Law
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Answered in 1 hour by:
6/15/2015
Real Estate Lawyer: Irwin Law, Lawyer replied 3 years ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,586
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified
You should be able to buy the replacement property as an LLC using the money from the TIC sale, as long as all other 1031 requirements are met.
I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER.
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Category: Real Estate Law
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Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

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