1031 Exchange Agreement With Qualified Intermediary In Suffolk
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
As the nation's largest Qualified Intermediary, IPX1031 provides industry leading exchange services including guidance, expertise and security for 1031 Tax Deferred Exchanges.
Get Referrals from Trusted Sources Your attorney, tax advisor, and realtor should be in a good position to make a recommendation as well because they will be familiar with the specifics of your property transaction, and can ideally recommend a QI who has worked on a similar type of exchange in the past.
What to Look for in a Qualified Intermediary Transparency. It is essential to know who you are dealing with when choosing a facilitator. Business history. A reputable QI should be able to provide credible references. Communication and customer service. How funds are managed.
Qualified Intermediary (QI) Some of the important tasks the QI handles in the exchange transaction include: Prepares all required exchange documentation, including the Exchange Agreement, the Assignments of the Agreements of Sales and applicable Acknowledgements among others.
The QI must maintain the funds involved in the transaction separately from the taxpayer's accounts, and the qualified intermediary must be a neutral party. The intermediary can be a person, company, or other entity, but must not be related or married to the taxpayer.
Any non-disqualified person can operate as a qualified intermediary. Taxpayers should use care in selecting an intermediary with a good reputation in the industry, experience, nationwide services, and proven financial stability. First American Exchange Company possesses all of these characteristics.
The Internal Revenue (IRS) Code requires that the person or entity serving as QI cannot be someone with whom the exchanger has had a former business or family relationship prior to the transaction.
Without a qualified intermediary and an exchange agreement, the IRS may not recognize the transaction as a valid 1031 exchange.
They include certain relatives and those who, within a two-year period prior to the exchange, have acted as the taxpayer's employee, attorney (for non-exchange related services), accountant, investment banker or broker, or real estate agent or broker. Not all intermediaries are created equally.
