A Section 1031 exchange is named after the Internal Revenue Code section in which it falls, and essentially provides a method for deferring taxes when you are disposing of one piece of real estate and then purchasing another. To successfully defer tax liability upon the exchange, an experienced residential and commercial real estate and land use lawyer will likely be necessary because these transactions are often complicated by a number of factors. In some cases, you may wish to sell one piece of real estate and are uncertain as to the exact piece of replacement property that you will acquire. The law allows us to create an arrangement to provide for a deferred exchange of real estate while maintaining the tax benefits of the transaction.