There’s a lot to be aware of in a 1031 exchange of real estate and your qualified intermediary is a great resource for all things related to section 1031. But before you start the process, you should ask your intermediary some questions about themselves. In this article, we are going to discuss a few questions you should ask your qualified intermediary before beginning your 1031 exchange.
How Long Have Your Been Conducting 1031 Exchanges?
Experience goes a long way in the like-kind exchange industry. Ask your qualified intermediary how long they’ve been conducting 1031 exchanges to make sure they have the experience necessary to guide you through the process.
Do You Have Experience Working on Exchanges Like Mine?
There are several different types of 1031 exchanges – from forward exchanges, to reverse exchanges, to build-to-suit exchanges. Each of these comes with its own unique challenges. Make sure your intermediary has experience working on the specific type of exchange you plan on conducting.
What is Your Fee?
It’s also a good idea to make sure you understand the qualified intermediary’s fee structure. Ask your intermediary about this before you begin the process so there are no surprises later on. You can also ask about other fees that may be involved in the transaction that you can expect to pay.
Like-Kind Exchange Company
CPEC1031, LLC is a like-kind exchange company with over twenty years of experience facilitating 1031 exchanges of all types (forward, reverse, build-to-suit, and more). Our industry experience makes us a great fit to guide you through the 1031 exchange process. We can advise you on the 1031 exchange rules, prepare any required documentation, and answer all of your questions along the way. Contact us now to learn more about the tax-deferral benefits of the 1031 exchange. Our team is ready and waiting to work hand-in-hand with you throughout the process.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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