Qualified Intermediaries

[Andrew Lamirande]

Hello BP! I am looking for some stories of the best and worst experiences that you have had with a qualified intermediary in your 1031 exchanges. I have heard of some lack luster and quite frankly shady intermediaries out there who could be risking the validity of the exchange. Thanks!

[Joe Splitrock]

@Andrew Lamirande like most things this probably varies by state. I was able to work with a title company that also handled the intermediary process in-house. Not all title companies in my area do this. I almost had a major problem because the title company I sold through was different than the title company I purchased through. They didn't talk to each other and the buying title company was not aware the purchase was done with an exchange. There is extra paperwork at closing and the transaction is handled a little different. Being new to this I didn't know that. My lesson learned in my city is in the future to use the same title company for sale and purchase. Also to use one that handles the 1031 exchange. Again, I am not sure if this can be done in all states.