WHAT HAPPENS IF I HAVE ALREADY SIGNED A CONTRACT TO SELL?--IS IT TOO LATE TO STILL HAVE A SECTION 1031 TAX DEFERRED EXCHANGE?

"It's too late, it's too late...."  Ah I remember that song of so long ago.  But the  correct answer is:  "IT'S NOT TOO LATE"!!  As long as the taxpayer has not closed on the property and title has not been transferred, or more specifically:  "the benefits and burdens of the relinquished property have not been transferred", the taxpayer can still exercise it's right to a tax deferred exchange.  But, "it's too late, it's too late" if the taxpayer has had a closing and received the proceeds from the sale.   What if the taxpayer didn't cash the check but the purchaser has recorded the deed?  Answer:  "it's too late, it's too late".