Las Vegas Real Estate
What is a qualified Intermediary?

What is a
Qualified Intermediary/Accommodator?

A Qualified Intermediary/Accommodator has several areas involving 1031 tax-deferred exchanges where she/he is not able to advise you.  The IRS requires that she/he remains an independent third party to your exchange transaction.  In that capacity, she/he is a qualified party that can facilitate your exchange transaction.  A disqualified party is defined by the IRS as an agent, if the person in the previous two years has served as the exchanger's employee, attorney, accountant, investment banker/broker or real estate agent/ broker.  Also disqualified are parties which are related lineally or as siblings or through a ten percent or greater interest in a business sense.

I do suggest you always consult your attorney and tax advisor for specific details regarding your financial situation.  Then contact a Qualified Intermediary to handle your exchange transaction.

What your qualified Intermediary can do for you

• Provide free consultations regarding your real estate transaction and let you know how it will fit into a 1031 tax-deferred exchange.
  
• Advise you of the do's and don't defined by the IRS and discuss the many gray areas that arise when attempting to fit your real estate transaction within the guidelines of a 1031 tax-deferred exchange.
  
• Provide you with written materials regarding 1031 tax-deferred exchanges for your review and discuss any questions you may have.
  
• Contact your attorney, tax-advisor, or real estate professional to discuss your real estate transaction.
  
• Coordinate your 1031 exchange closing with the escrow closer or attorney of your choice and provide the necessary exchange documentation needed.
  
• Instruct the escrow closer or attorney on how to prepare your closing documentation and what to do with your exchange proceeds.
  
• Hold your exchange proceeds in an interest bearing account where each client earns all the interest.
  
• Provide you with information regarding your 45th and 180th day time periods with the appropriate forms and instructions to identify your replacement property.
  
• Contact you prior to the expiration of your time periods as a reminder.
  
• Instruct the escrow closer or attorney on how to prepare your closing documentation and request your exchange proceeds, as well as provide the necessary exchange documentation needed.
  
• Release your exchange proceeds to the escrow officer or attorney to complete your 1031 tax-deferred exchange transaction.
  
• Prepare a Final Exchange Closing Statement showing your completed exchange transaction and enclose your check for any interest earned during the exchange.
  
• Keep your file on hand for any questions that might arise from your attorney or your tax advisor.
  

Back to 1031 Exchange Main Page

Millie Fine
CENTURY 21 Aadvantage Gold
Toll Free 1-888-449-FINE
Home office 1-702-363-5599
E-Mail Millie!
millie@milliefine.com 

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