Smith, Paulson, O’Donnell & Erickson represents buyers and sellers of residential, commercial, recreational, and industrial real estate throughout Central Minnesota.
We assist clients in connection with boundary disputes, title problems, Torrens (registered) property, residential and commercial leases, mortgages, contracts for deed law, Section 1031 tax deferred exchanges and land lord tenant law.
A 1031 tax-deferred exchange allows you to defer paying tax on proceeds received from the sale of an investment property into the purchase of up to three like-kind investment properties. It cannot be used for the sale of your personal residence. At closing, the proceeds are transferred to a third party who holds them until they are used to acquire the new property. Capital gains taxes are deferred if all of the exchange funds are used to purchase like-kind investment property. The deferment is like getting an interest-free loan on the tax dollars you would have owned for a taxable sale. You retain more equity, which helps you move into properties of higher value each time you perform a 1031 exchange.
We have in-house title insurance and real estate closing services available to clients and routinely represent landlords in rental property disputes, cancellation of contract for deed, eviction actions and unlawful detainers.
Contact Smith Paulson O’Donnell & Erickson, PLC today to schedule a consultation to discuss your case.