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A custom agreement can contain 50-60 pages, unlike a form agreement provided by the California Association of Realtors or AIR CRE and usually has less than 20 pages. Section 1031(a)(1) provides for a waiver of the general rule that requires the recording of profits or losses in the sale or exchange of real property. Under Article 1031 (a) (1), no profit or loss is recognised where property held for productive use in a commercial or commercial activity or for investments is exchanged exclusively for similar immovable property held either for productive use in an undertaking or for investments. Pursuant to Section 1031(a)(1), real property held in a commercial or commercial activity for production purposes may be exchanged for real property held for investment purposes. Similarly, pursuant to Section 1031(a)(1), real property held for investment purposes may be exchanged for real property held for production in a commercial or commercial activity. A prior financing assessment is required before most sellers negotiate the purchase of real estate. According to the seller, all that is needed is a pre-qualification letter or a receipt letter…