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Updated over 10 years ago,
Who to use as a QI in a 1031 delayed exchange
i don't see anywhere in the IRS code that states that the QI needs to be anyone in particular. It just can NOT be a relative, or your accountant, realtor, etc.
I was just quoted a $1200 price for a 1031 exchange professional. A title company aught to offer it as a standard service...not for free. But not for $1200 for crying out loud.
Anybody use a friend or relative who is a lawyer or accountant? I have a neighbor who would not steal from me who has an accounting degree. I could have the title company set up an escrow account in her name.and get a receipt of some sort. I could make a list of 3 properties, have it notarized and give it to her. she could receipt that. That is about it from what I can tell. Then she would give instructions to the title company to fund the next purchase.
Anybody ever do this?