Legal Question in Real Estate Law in Texas

A 'Form 1031' in a Land Sales Contract

What is the purpose of a 'Form 1031'? In a Contract for Sale of a piece of vacant land, whereby the Seller is one individual and the Buyer is a Developer, what part would a 'Form 1031' play? It has been highly recommended to include this form in the Contract, but I need a reminder of what this form is for. Thank you.


Asked on 2/11/02, 1:49 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: A 'Form 1031' in a Land Sales Contract

1031 refers to the Internal Revnue Code provision regarding tax free exchanges of "like kind" property. It allows a taxpayer to sell property to one party while buying property from another party, without paying tax on the gain on the sale of the property, at the time of sale. 713.266.2560

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Answered on 2/11/02, 3:22 pm


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