Hello! I am new at this amazing forum but have been following for a while and of course a regular listener of the podcast.
Looking to possibly do a 1031 and now we are trying to find a not too expensive NYC Real Estate Attorney that also acts as Intermediary, if that’s possible/advised? It just seems more smooth to not have to deal with several people(?) Grateful for any advice. It’s the first time we are doing this. Thank you!
@Matilda Ekholm , I think you'll be looking at two different individuals. Attorney's in NY close real estate. However, the QI for your 1031 has to be an unrelated 3rd party whose only role is the 1031. So a NY attorney could be your QI or they could close your real estate but not both.
But don't worry about the deal being smooth. If you select an experienced nationwide QI they'll know the ins and outs of closing with attorneys (which is a bit more challenging than with title companies like in most of the nation). But there are other states like NC, GA and NJ where attorney's are routinely used. So your QI should be very used to working with them.
Thank you very much for this informative answer! 🙏