cost of 1031 exchange

[Ki Lee]

When considering doing a 1031 exchange, what kind of fees and how much can one expect to pay? Does the transaction have to be facilitated by a third party? If so, who is this third party that will facilitate it?  I do understand that there is some time constraint from selling the property to buying a new one, but I wanted to know more details about what it really entails.  

[Bill B.]

@Ki Lee

Yes you need a third party, a “QI”. I believe the average cost is $1000-$1500 but talk to @Dave Foster, he is a QI and can give you answers in regards to costs.