What does the qualified intermediary do after they receive the sales and purchase agreements and title commitment from the closing agent? That’s the topic we’ll explore in this article.
The qualified intermediary tailor-makes 1031 documents specific to your transaction.
In order to do that the qualified intermediary needs to ascertain exactly how you hold title to the old relinquished property, the legal description of the property, and who the other parties to the sales contract are that need to be given certain notices in writing about your transaction and your assignment to the qualified intermediary.
So when a qualified intermediary gets started at the very beginning of the transaction they have to get their arms around all of these various details in order to tailor the documents for your 1031 transaction. They also need to be able to interface with the other parties to the transaction, including:
- Title closers
- Escrow agents
We need to interact with these and various other people in order to make sure that your closing goes smoothly and is not a dramatic and disruptive event.
Qualified Intermediaries you can Trust
It’s important to find a skilled intermediary to work with on your 1031 exchange transaction. Contact Commercial Partners Exchange Company today for assistance with your like-kind exchange. With two decades of experience, we are well-equipped to handle all the aspects of your 1031 exchange.