In any 1031 exchange transaction, it is absolutely essential to have a trusted qualified intermediary by your side. But many people aren’t familiar with what a qualified intermediary is or what exactly they do. Read more about qualified intermediaries below and don’t hesitate to contact CPEC1031, LLC for help with your 1031 exchange.
What is a Qualified Intermediary?
A qualified intermediary is a real estate professional who specializes in the handling of 1031 exchange transactions. Qualified intermediaries charge a flat fee for their work on your like-kind exchange and can prepare all of your 1031 exchange documents, advise you on replacement property identification, and much more. However, there are some rules about who exactly can and cannot act as your qualified intermediary. The most important rule to remember is that your qualified intermediary cannot be a “related party.” That means your direct relatives, employees, personal attorneys, and the like are barred from acting as the qualified intermediary on your transaction.
Benefits of Working with a Qualified Intermediary
Working with a qualified intermediary can save you time and money. They can also put your mind at ease throughout the 1031 exchange process by answering any questions you might have and acting as an experienced guide. Most importantly, they can make sure you meet all the necessary requirements for a successful 1031 exchange.
Contact a Michigan Qualified Intermediary
Contact a Michigan qualified intermediary today to discuss the details of your next 1031 exchange. At CPEC1031, LLC, we facilitate like-kind exchange transactions of all types for clients in Michigan and around the country. Our qualified intermediaries will help you through each and every step of your real estate exchange – from document preparation, to property identification, to the closing table. Contact us today at one of our satellite offices around the country – to get help with your next 1031 exchange.