Down East 1031
Down East 1031 is the way a 1031 Exchange Service should be.
Now there is a better option for doing 1031 Exchanges in Maine.
You can trust Down East 1031 to do the job right. It has been founded by Attorney Rendle Jones. Rendle is one of the preeminent Real Estate Attorneys in Maine with a list of state-wide, impeccable professional, business, and personal credentials.
He is ably assisted by John Galley, who is a nationally-respected 1031 practitioner with decades of experience doing thousands of Exchanges.
Rendle and John have also done decades of the real-world, underlying real estate deals that are part of Exchanges. This invaluable experience is different from some rules-quoting, cloistered Exchange bureaucrats.
As part of the Down East 1031 service, you will receive a focused 1031 Exchange Manual. It is written in “plain English” – and not in “LegalSpeak”. It will tell you what you really need to know about 1031 Exchanges. You will understand what to do and why.
We have a “Capital Gains Worksheet” you can request – for free – that gives you the means to informally calculate what your Capital Gains Tax might be if you did not employ the Exchange technique. This can be an unnerving moment, but you need to know what you could be facing.
Down East 1031 works smoothly and collaboratively with the other professionals assisting with your Exchange. Our goal is your successful tax deferral and satisfaction.
Read the other sections of this Website to learn more about our Team and the benefitsof choosing Down East 1031 for your Exchange.
Meet the Team
Rendle A. Jones, Esq.
Rendle A. Jones graduated from the University of Maine (B.A., Hist. & Gov.) ’63 and the University of Maine, School of Law (J.D.) ’67 where he was the managing editor of the Maine Law Review. He joined Gilbert Harmon, Esquire (1910-1998) the founder of Harmon, Jones & Sanford, LLP, in 1968 after helping establish a state-wide legal services agency. Since that time, he has been instrumental in maintaining the law firm as a highly regarded legal services provider and counselor in Knox County and the State of Maine.
Rendle's primary areas of practice include: Real Estate Transactions
- A former President of the Knox County Bar Association and a Governor of the Maine State Bar Association, he is also a past Chairman of the Real Estate Section of the Maine State Bar Association.
- Rendle is a recipient of the Townsperson of Year award given by the Camden-Rockport-Lincolnville Area Chamber of Commerce.
- Rendle has been active in numerous community organizations and boards, frequently in a leadership capacity, including:
- Camden National Corporation (a bank holding company) (Past Chairman)
- Penobscot Bay Healthcare (Past Chairman)
- Camden Area YMCA (Director & Officer)
- West Bay Rotary (a Paul Harris Fellow) (Director)
- Camden Public Library (Past President)
- Maine School Administrative District No. 28 (Past Chairman)
- Camden Comprehensive Planning Committee (Past Chairman)
- Camden Conference Director and Treasurer
John Galley
Esquire
For decades, John Galley was a licensed real estate attorney in Illinois and Wisconsin. He is a cum laude graduate of Dartmouth and received his law degree from IIT/Chicago-Kent College of Law.
A Starker Exchange legal writing assignment in law school marked the beginning of his interest in 1031 exchanges. And this eventually led to the formation of his 1031 Exchange-Qualified Intermediary Company.
As his 1031 Exchange reputation grew,. John became a frequent and popular speaker to local, state and national groups about 1031 exchanges.
Specific Exchange Credentials
- Has acted as a qualified intermediary for decades, doing thousands of 1031 exchanges.
- taught by the two lawyers who wrote the 1991 Exchange regulations for the IRS and Treasury Department.
- Charter Member of the Midwest Chapter of the National Federation of Exchange Accommodators (FEA).
- Faculty for State Bar CLE presentations.
- Exchange presentations on behalf of state bar associations.
- Featured exchange presentations at several American Land Title Association (ALTA) annual conventions.
- Consultant and Expert Witness for 1031 Exchange lawsuits.
- Published exchange articles in (the official publication of ALTA), the , the , the , and a published interview in .
Video Testimonial
Testimonials
The Safety of YOUR Money
Down East 1031 has an IRS-approved, fool-proof system to assure the safety of your money during the Exchange period as it moves from Property A (the property you sell to begin the Exchange) to Property B (the property you buy to complete the Exchange).
We have a “Dual Signature” Trust Account, on your behalf with our Exchange Trustee Bank. You provide the Bank with a notarized signature of either yourself, or someone you nominate on your behalf. The identify of this person is notknown to Down East 1031. Money cannot be moved from this Trust Account and sent anywhere without the signature approval of your designated person. (Down East 1031 is also a signatory on this account so that you will not have unilateral control of the money since that sole control would create a “taxable event” for you on your property sale.) With this procedure in place, you can sleep safely and soundly at night.
You may also be comforted to know that Down East 1031 carries Errors and Omissions Insurance – as required by Maine State Law.
Let's Connect
We're here to revolutionize the way you approach 1031 exchanges. Our dedicated team recognizes your vital role in the process, and we're committed to making your life easier. Let's transform the 1031 exchange landscape together. Contact us now, and let's pave the way for tax-efficient real estate deals!