Among the language skills typical of Section 1031, it should be noted that, shortly before closing, it is still possible to convert an otherwise taxable sale into a section 1031. If the subject wishes to set up an exchange immediately before closing, he or she must immediately contact a qualified intermediary to establish the necessary exchange documents. Such preparation generally includes a written notification regarding the transfer of both purchase and sales contracts and the transfer of exchange documents to the relevant entities (usually the final representative) before the sale is made on the abandoned land. While many tax payers insert phrases into their purchase and sale contracts to justify their intent, the Internal Revenue Code does not require it in a section 1031 taxable exchange. The reason for the sale and purchase of real estate is what distinguishes a Section 1031 stock exchange from other real estate transactions. Taxpayers and real estate investors may, for several reasons, add to the agreements an exchange clause under Section 1031, including: the specific language of the contract, which is linked to this intention, allows a company to perform all the tasks necessary to conclude the exchange. In addition, the language informs the other party in advance that the contract must be awarded to an intermediary. Exchange Accommodator Titleholder Language for a Reverse Exchange in Florida In an exchange for reverse or delayed improvement in Florida, in which the Exchange Accommodator Titleholder takes ownership of the abandoned or replacement property, the following language should be inserted into the purchase and sale agreement in accordance with the Department of Florida of, Technical Assistance Adviserment No. 05B4-006 and FDR TAA No 07M-001 to avoid payment of the transfer or mark. In addition, the Eed warranty parking of the property with the EAT should reflect the Florida Department of Revenue TAAs. « The buyer is aware of this and recognizes that the seller intends to make a deferred exchange in accordance with Section 1031 of the IRC. The seller asks the buyer to participate and agrees to compensate the buyer for any claims, expenses, debts or delays resulting from such an exchange.