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It is important to document your intention to do an exchange as soon as you can and it MUST BE IN WRITING. You can establish your written intent in the Listing Agreement with a real estate office; and/or in the Earnest Money Agreement with your buyer. This can be done at the time of negotiation, or later as an addendum to the Earnest Money Agreement sometime before closing takes place.
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I recommend using the language in my book which obligates the buyer and seller to cooperate with your exchange at no extra cost or liabilities to them.
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Copyright © 1996, Albert J. Velarde (All Rights Reserved).
Revised 9/10/06