Having a qualified intermediary by your side during the 1031 exchange process is essential to the success of your exchange. But not all intermediaries are created equal, and you may find that you don’t trust or get along with your intermediary once you’ve begun the process. If you find yourself in this situation, is it possible to switch intermediaries? In this article, we are going to talk about how to change qualified intermediaries in the midst of a 1031 exchange.
Swapping Intermediaries
If you have already begun the 1031 exchange process and transferred your exchange funds over to your intermediary, it’s probably best to stick with your intermediary until the 1031 process is complete. If you have not yet transferred your funds to the intermediary, it is much easier to switch intermediaries.
Do Your Due Diligence
While it is possible to change intermediaries midway through an exchange, doing so will cause a lot of headaches and potential delays. Make sure you do your due diligence and find an intermediary that you can trust well before you being the 1031 exchange process. The more prepared you are the more likely your exchange will succeed.
Qualified Intermediary Services
A 1031 exchange is a complex beast and requires the experienced hands of a qualified intermediary to ensure 100% tax deferral. At CPEC1031, our intermediaries have two decades of experience working with clients on their 1031 exchanges. We can answer all of your questions, advise you on property, and prepare your 1031 documents. Contact our intermediaries today to learn more about the services we provide and to get your 1031 exchange off the ground. Our main office is in downtown Minneapolis, but we work with clients throughout the United States.
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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