Choosing the right intermediary for your like-kind exchange is essential for the success of your exchange. Making a poor decision can potentially result in a failed 1031 exchange. But a lot of people don’t know what to look for in a qualified intermediary. In this article, we’re going to explain how to choose a qualified intermediary for your 1031 exchange.
Successful Track Record
Experience goes a long way in the 1031 exchange industry. An experienced intermediary will likely be better at avoiding pitfalls than an intermediary who is green under the gills. Look for an intermediary who has been facilitating exchanges for a long time. You should also ask about your intermediary’s track record of completing successful exchanges.
Support Staff
You also want to make sure that your intermediary has a strong support staff as they will likely be interfacing with you and working on your transaction behind the scenes.
Bond Coverage & EO Insurance
Your intermediary will be holding on to your exchange funds for a portion of time during the exchange process. Because of this you should make sure that your intermediary has bond coverage and EO insurance so that you can rest assured that your money is in safe hands.
Minneapolis Qualified Intermediaries
If you’re searching for a qualified intermediary in the Minneapolis area, you’ve come to the right place. At CPEC1031, we have over two decades of experience facilitating like-kind exchanges of real estate. Our qualified intermediaries can help you through each and every aspect of your 1031 exchange – from selling your relinquished property, to identifying replacement properties, and more! Contact us today at our downtown Minneapolis office or at one of our satellite offices around the United States.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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