Key Takeaways
- RESPA compliance requires 3-day Closing Disclosure delivery with material change re-delivery provisions.
- 1031 exchanges have absolute timing deadlines and strict QI requirements—engage early and identify backup properties.
- Entity structuring, cost basis allocation, and transfer tax planning should be finalized before closing.
- Complex closing scenarios are resolved through contractual provisions, holdbacks, mediation, or litigation.
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Test Your Knowledge
1.How many calendar days does an investor have to identify replacement properties in a 1031 exchange?
2.What triggers a RESPA violation related to the Closing Disclosure?
3.What is the primary risk of holding multiple investment properties in a single LLC?