There has been a lot of recent news regarding 1031 Qualified Intermediaries (QI)and the fact that some some them have lost their clients exchange money. The basic issue is that these companies are not currently regulated by anyone. Some of the QIs invested their clients funds in not so safe investments and the money was lost in the recent financial crunch. Therefore, it is up to the consumer to research how the QI holds their money. The safest ones will hold the funds in FDIC insured accounts. Depending on the quantity of funds, they sometimes need to place them in numerous accounts to make sure the funds are insured. The other thing to make sure of is that your QI is bonded. Following these 2 guidelines will help insure that your money is there for the 2nd part of your exchange.
Qualified Intermediary for 1031 Exchanges
Posted on November 8, 2017 at 8:55 pm Boulder Property Network