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Institutional Qualified Intermediaries, like Exeter 1031 Exchange Services, LLC, typically charge a set-up or administrative fee in the range of $850.00 to $1,200.00 for each 1031 Exchange transaction.
Line 1: List the address or legal description and type of property relinquished (sold). Line 2: List the address or legal description and type of property received. Line 3: List the month, day, year relinquished property was originally acquired. Line 4: List the date relinquished property was transferred to the buyer.
The Use of a Qualified Intermediary is RequiredThat requirement eliminates the ability of an investor to complete a 1031 exchange without assistance. The qualified intermediary cannot be the investor and cannot work for, be related to, married to, or an agent of the investor.
A successful 1031 exchange isn't a do-it-yourself project. You must follow IRS rules to realize the tax deferral benefits and you'll need a middle person, called a qualified intermediary (QI).
Steps to Successfully Complete a 1031 ExchangeIdentify Your 1031 Exchange Objectives & Property Search.Find a Qualified Intermediary.Add a Cooperation Clause in Your Sales Contract.Provide a Copy of the Contract to the Intermediary.Funds for the Exchange are Wired to the Exchange Account.More items...?