Trophy 1031 Exchange Preparation Checklist (Relinquished Property)

Prior to closing on your relinquished property, complete the following steps to help keep your exchange organized and stay on track.

Seek guidance from legal, tax, or financial professionals to determine whether a Section 1031 exchange is appropriate for your investment goals and broader tax strategy.

Inform everyone involved in the sale transaction including your real estate agent, title company, escrow officer, or closing attorney that the sale of your relinquished property is part of a Section 1031 like-kind exchange.

Verify that your sales contract and closing instructions include language permitting the assignment of the contract to your Qualified Intermediary, as required to facilitate the exchange.

Provide your Qualified Intermediary with up-to-date contact information to ensure you receive all necessary documents, transaction updates, and important notices throughout the exchange process.

Notify your Qualified Intermediary if you plan to receive any of the sale proceeds directly, as doing so could impact the tax-deferred treatment of your exchange.
Review, complete, and return all exchange-related documents properly to avoid delays in the closing process.

Review, complete, and return all exchange-related documents properly to avoid delays in the closing process.

Provide notice to your Qualified Intermediary once the sale of your relinquished property closes so the exchange timeline and related documentation can be updated and completed.


Confirm that your Qualified Intermediary has received the exchange proceeds and keep documentation of the receipt for your records.

Start Your Exchange

Trophy 1031 Exchange Preparation Checklist (Replacement Property)

Once you have identified your replacement property, the following steps will help keep your exchange on schedule and in compliance with IRS requirements.

Provide your Qualified Intermediary with the details of the replacement property you intend to purchase, including the property address and the contact information for the title company, escrow agent, or closing attorney handling the transaction.

Notify your real estate professionals including your agent, title company, and closing officer that the purchase is being completed as part of a Section 1031 tax-deferred exchange.

Ensure that your purchase agreement and closing instructions contain appropriate exchange cooperation language acknowledging the Qualified Intermediary's role in the transaction.

Submit your completed Replacement Property Identification Form to your Qualified Intermediarybefore the expiration of your 45-day identification period.

Advise your Qualified Intermediary if you would like your earnest money deposit funded from your exchange account.This request should be made well in advance of the payment deadline to allow sufficient processing time.

Review and complete all required exchange documentation before the replacement property closes to help avoid unnecessary delays.

Authorize your Qualified Intermediary to transfer the necessary exchange funds to the title company, escrow agent, or closing attorney in accordance with the closing instructions and scheduled settlement date.

Start Your Exchange