[ddrhazy]

Make sure you pick a reputable exchange company.

[hotjambalaya]

Originally Posted by ScoopLV

Your friend the Realtor does not have to be an expert on 1031 exchanges. Your friend the tax accountant DOES.

I don't do business with friends. Great way to lose friends. Find the best people for the job and hire them instead. You shouldn't have to ask these questions on a public forum. Your friend the Realtor and your friend the accountant should be able to explain all of this in detail. (If you choose to hire friends in the first place. I never, ever would.)

Oh in general I agree with the sentiment, but I'd rather be breaking bad news with reasoned facts then saying something like "hey bud, I don't trust you not to mess up this whole thing!"

[Cold Warrior]

Originally Posted by hotjambalaya

Just wondering are there any vegas specific rules for a 1031 exchange?

This is on a vacation/investment home that I've probably spent about 6 weeks in during the past 18 months, its owned by a company.

I"ve heard about needing a qualified intermediary, how do I find one?

Secondly, I would ideally want my new house purchase to be via one realtor (a friend), and my house sale to be via a different realtor. Is that possible in this circumstance, or does the fact that its a 1031 make it a bit too complicated/risky to do that?

Local rules for federal law? No.

[lvoc]

Originally Posted by hotjambalaya

Just wondering are there any vegas specific rules for a 1031 exchange?

This is on a vacation/investment home that I've probably spent about 6 weeks in during the past 18 months, its owned by a company.

I"ve heard about needing a qualified intermediary, how do I find one?

Secondly, I would ideally want my new house purchase to be via one realtor (a friend), and my house sale to be via a different realtor. Is that possible in this circumstance, or does the fact that its a 1031 make it a bit too complicated/risky to do that?

You control two of the RE agent positions. Your representation on the buy and your representation on the sell. It is standard RE nothing unusual. The only requirements are that proceeds pass through the qualified intermediary and that the dead lines be met. Often both sides of the deal are in place when it is officially started but there is no rule requiring that.

There is a reasonably famous local case where an intermediary went belly up due to embezzlement. So use a stable one. Not hard to find.

There is nothing LV specific about such a deal. It is usual to include some specific language in the contract requiring the cooperation of the other side. Not much is actually needed.

If you use a tax accountant I would suggest a brief consultation. Otherwise there are reasonable cook books available.

The only thing to watch is the timing...which is relatively simple if you pay attention.

[ddrhazy]

I had a property purchase where the title company went "belly up" and stole my EMD on the property. The regulatory agency that insures title companies never gave me a resolution to the matter. So yes, becareful who you pick as your exchange company.

[Cold Warrior]

If you use a tax accountant I would suggest a brief consultation. Otherwise there are reasonable cook books available.

Unfortunate use of 'accountant' and 'cook books' in same paragraph.

[lvoc]

Originally Posted by Cold Warrior

Unfortunate use of 'accountant' and 'cook books' in same paragraph.

My favorite accountant has a nice boat named "loophole".

[hotjambalaya]

Are there any vegas specific rules about a buyer using the sellers agent?

I'm contemplating using the sellers agent and putting in a low offer on a house, vaguely hoping that the double commission will make the agent push harder for the sale.

Its an agency sale, so will we both have the same exact agent, or are they obligated to assign me a different agent in the agency?

I'm guessing I'm best off spending a little time with a real estate attorney looking over the contracts if I decided to go down this route or is it pretty set in stone what can and can't happen?

[Triggerman6]

Originally Posted by hotjambalaya

Are there any vegas specific rules about a buyer using the sellers agent?

I'm contemplating using the sellers agent and putting in a low offer on a house, vaguely hoping that the double commission will make the agent push harder for the sale.

Its an agency sale, so will we both have the same exact agent, or are they obligated to assign me a different agent in the agency?

I'm guessing I'm best off spending a little time with a real estate attorney looking over the contracts if I decided to go down this route or is it pretty set in stone what can and can't happen?

In NV, Dual Agency is allowed. The one Agent can represent both sides of the transaction at the same time.

However, your hopes that this motivates the Agent to push harder for the sale would violate the Agents fiduciary responsibility to the seller. This is the problem and danger with dual agency deals. Their is no way that the Agent can truly execute their fiduciary responsibility to two parties at the same time. When an Agent takes on this Dual Agency, they are reduced to completing the contracts, offers and counter offers as directed by the two parties. They can not advise ether party without violating their duties owed to ether party.

Why the Agent would put themselves in this position is beyond me. If you go this route, they will have specific state required forms for dual agency they will be required to give both parties to sign. Read it carefully.

They could give you to a different Agent inside the same brokerage firm. This would be a separate buyer agency agreement and would not be any different if you used an agent, like me, at a different firm. The only risk is collusion between the two at the same brokerage firm as they both have to report what is going on to the same broker.

It's pretty set in stone, but it never hurts to have an attorney sit with you to talk things through. Let me know if you need a referral for one here in Vegas. I have worked with a few that are good.

Good luck.

[ddrhazy]

http://www.unlv.edu/sites/default/fi...et-May2015.pdf