Austin qualified intermediary recommendation needed

[Scott Groves]

I will be closing on a rental property that I have in Michigan in a couple days. The closing was rescheduled due to a change that the buyer wanted to make regarding the loan. The new closing date has not been scheduled other than it is likely to happen in the next 10 days. I would like to take the profits from the sale and purchase another property. This property is jointly held. My partner does not want to reinvest their portion of the proceeds. I would like a recommended Qualified intermediary in the Austin TX area who can help me with a 1031 exchange.

[Dave Foster]

@Scott Groves, The intermediary you select will have their own exchange accounts where your funds will need to be held.  Simply leaving the money at the selling title company puts you in constructive receipt and wrecks your 1031 from the get go.  But this should not be a problem since most QIs operate nationally and we start in one state and finish in another all the time.  

You'll want to make sure that your funds are held in a segregated account not pooled with other exchanges. You'll also want to verify that it is 100% FDIC insured or you'll still be at risk with even the most aggressive bonding. One other really key item would be for them to be held dual signatory - no movement of funds is allowed without the signatures of both you and the QI.