Money rollover after a sale

Q : What is the law regarding rolling money over from a real estate sale ; ie-investment property - $220,000 ; net sale = $120,000 capital gain. If we roll over the monies in to another piece of real estate of higher value - how long of a time period do we have to reinvest, and what legal work is involved?

A : You should be able to take advantage of a 1031 exchange (like kind exchange). You cannot receive any proceeds personally. Usually the title companies can take care of this. A lot of banks do to. You will need to discuss this with the title company before they attempt to do it. There are special rules to qualify.