WHAT IS A QUALIFIED INTERMEDIARY?The Qualified Intermediary (QI) is an entity that facilitates the 1031 exchange and is sometimes referred to as the exchange "accommodator" or "facilitator." The primary functions of the QI are outlined in Tres. Reg. 1.1031(k)-1(g)(4). When choosing a QI, it is imperative to understand that agents of the Exchanger are specifically disqualified from acting as the QI (i.e., attorneys, real estate agents, and accountants performing services in the 2 years preceding the 1031 exchange).
Why Use 1031trx?1031trx is a professional QI that validates 1031 exchanges across the United States by structuring them under “safe harbor” provisions and IRC §1031.
1031trx understands the stress that inevitably surrounds real estate transactions. Our commitment is to ensure a smooth exchange process, with clear and structured guidance to all parties involved in the transactions.
Because the QI industry is not regulated, Exchangers must carefully vet their QI when entering into the 1031 exchange.
- 1031trx is a QI owned and operated by a licensed New York State attorney who also practices real estate law in midtown Manhattan;
- 1031trx holds exchange funds in a segregated attorney IOLA escrow account, providing full FDIC insurance; and
- 1031trx has a Fidelity bond and is insured with an errors/omissions policy (evidence provided to clients upon request).