Anyone use 1031 providers from the internet ? Or you use a regular some local service ?
A professional, experienced, knowledgeable and financially sound Qualified Intermediary is critical to structuring and completing a successful 1031 Exchange transaction. This is especially true when it comes to holding, managing and safeguarding your 1031 Exchange funds. The safety of your 1031 Exchange funds should be the most important part of your due diligence process. Therefore, it is crucial that you thoroughly evaluate prospective Qualified Intermediaries. Understand that Qualified Intermediaries, in general, are not licensed, regulated or required to be insured or bonded and have no minimum equity capitalization requirements.
We recommend that you consider the following risk criteria prior to selecting a Qualified Intermediary:
(1) The technical expertise and experience of the Qualiied Intermediary
(2) The level of protection provided by the Qualiied Intermediary1s errors and omissions insurance coverage, which protects you against possible mistakes made by the Qualiied Intermediary
(3) The level of protection provided by the Qualiied Intermediary's fidelity bond coverage, which protects you from potential theft or embezzlement of your 1031 Exchange funds by the Qualiied Intermediary
(4) The practice of using Qualiied Trust Accounts or Qualiied Escrow Accounts to ensure that your 1031 Exchange funds are protected by law as fiduciary funds
(5) The protections provided through licensing, auditing, and regulatory oversight by regulatory authorities
An experienced and professional Qualified Intermediary will understand these concerns and will be happy to discuss these issues with you.
Hope this sufficiently answers your question and addresses your concerns.
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