1031 Exchange - The
Role of Qualified Intermediary
As per section 1031, a Qualified Intermediary
is essential to complete a 1031 property exchange successfully.
The QI plays a very important role in a 1031 exchange
and serves a variety of functions. The QI creates the
exchange of properties, holds the proceeds and prepares
the legal documents required for the 1031 property exchange.
The Qualified Intermediary is a person
or firm that can legally hold proceeds to facilitate
a 1031 exchange. The intermediary should not be a relative
or agent of the exchanging party. As an exception, a
real estate agent might serve as an QI if the current
transaction is the only transaction in which the agent
has represented the exchanging party over the last two
years.
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