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Northeast Misery | You'll have to talk to your banker and get a lien release on the property being sold. All the proceeds from the sale must go to the intermediary. After the replacement property is purchased, then any remaining $ will be given to you. (subject to tax)
Is the property being sold the only collateral for the 39K? If so, you may have to refinance against a different property. If not, there may be enough equity in the remaining collateral for the bank to release it. ( the property to be sold) | |
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jake scia or tax people 1031 questions
