6 Tips for Finding a Great Qualified Intermediary

qualified intermediary for 1031 exchange

Before you hire a qualified intermediary for your 1031 exchange, you should do some checking around to make sure that they have a good reputation and solid track record of satisfied clients. Here are some easy ways to verify that your dealing with a reputable, experienced QI.

1. Online Directories

If your QI is a licensed attorney, you can easily check with their state’s board of attorney professional responsibility and state bar association. For example, in Minnesota, you can go to the MN State Bar Association website and confirm that your QI is a member of the Minnesota State Bar Association. Other states have similar online directories.

2. Better Business Bureau

Contact the Better Business Bureau (BBB) and see if your QI has a good reputation in the business community and if your QI BBB accredited. You can also check online at: https://www.bbb.org

3. Secretary of State

Check and see how long your QI has been in business with the Secretary of State’s office. 

4. Special Certifications

You can also ask your QI if they have a fidelity bond, errors and omissions (E&O) or other special certifications.

5. Ask Around

Ask around with other investors, attorneys, bankers and title-closer; they will know who is good to work with.

6. References

Lastly, you can and probably should ask your QI for references. If they can’t or won’t give you the names of some people that can vouch for them, then it's time to move on.

Saving money in taxes is a strong motivator. I hope this information helps you safely and successfully navigate through the 1031 tax deferral process.

  • 1031 Hotline: If you have questions about finding a qualified intermediary for your 1031 exchange, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

 

© 2017 Copyright Jeffrey R. Peterson All Rights Reserved