Due to changes in over the years, it is no longer a requirement to disclose that a property is included in a 1031 exchange. However, if there is a desire to include an "Exchange " in a contract, the language below will suffice for the intended purpose.
The Parties acknowledge that either or may engage in a Section 1031 tax or a reverse type exchange as contemplated by Rev. Proc. 2000-37. It is understood that such engagement by a party will not delay the closing, nor impose any additional expense or liability to the other Party. Notwithstanding any other provision in the contract or agreement between the Parties, to the extent necessary for effectuating such exchange transaction, the exchanging party’s rights and obligations under the contract or agreement may be assigned to Accruit, LLC or any of its subsidiaries to facilitate the exchange transaction.
