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Should I sell my house before buying?

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1Miami Realty LLC

Date Published: 2021-05-30

If you want to sell your home and buy another simultaneously, you need to know how long you need after closing to vacate and deliver the property, and if you need the funds from the sale to use them in the purchase you are making, talk to your real estate agent And tell him to make a contingency and if you need the funds from the sale to use them in the purchase you are making, talk to your real estate agent And tell him to make a contingency and put a very clear condition in the contract that both the acquisition and the closing of this transaction depend on the closing of the sale of your house and thus avoid any complications or problems at closing time.
But if the property you are selling is an investment, the story changes, there you can sell first, then within the next 45 days you must fix the next investment property you want to buy and the closing must be before six months.
Make sure that your agent has a lot of experience in these cases and that in turn works with an accountant specialized in the matter because the success of the transaction depends on it, they must fill out a form (IRS-1031) and deliver it to the title company to be able to defer the payment of taxes on the sale and so you do not pay taxes for this sale and you can use the funds to invest instead of paying unnecessary closing costs.
If your agent has not done that before or does not have enough experience, it is very likely that he will make some mistakes that will lead you to pay more taxes or penalties for not correctly declaring the profits obtained from the sale.

At 1 Miami Realty we have expert agents with a lot of professional ethics, do not hesitate to contact us for any matter related to the purchase, sale, and rental of residential and commercial properties as well as property management. If you have any further questions contact us at (305)4188989

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