Looking for a reputable Qualified Intermediary?
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(also known as a 1031 Exchange Accommodator)
An independent person, company, or entity that enters into a written agreement with the exchanger to facilitate the transfer of proceeds from the buyer of the relinquished property to the exchanger and from the exchanger to the seller of the replacement property to effect a tax deferred exchange under IRC Section 1031.
Broadly speaking, a QI performs three groups of tasks:
The importance of working with a good qualified intermediary can be the difference between a smooth 1031 exchange and a nightmare (no exaggeration).
How long has the qualified intermediary been in business?
As a general rule, the longer the QI has been in business, the better, because it means she or he has experience both in terms of handling exchanges and understanding the laws and regulations that govern them.
How many exchanges has a QI completed in the last five years, and what is the aggregate dollar amount of exchanges in each of these years?
Dividing each year’s dollar amount by the number of exchanges gives you the average. Hopefully, this is not significantly less than the amount you have to exchange.