Asheville Homes and LAND!- The Keep In Touch Blog

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1031 and ECO conscious Investing: Tips on Finding THE QI for You

These days it seems that more and more folks are opting to exercise a “Green-Sustainable” 1031 Exchange…
This is the first time quite a number of them "ECO conscious" investors have taken an interest in this tax advantage. For the Exchange to work, it is of paramount importance to have a team of professionals on hand.

One of the essential team players in the 1031 Exchange is the  Qualified Intermediary( QI) . 
S/he is your "flag-person" during the transaction.  That's why it's good to interview a number of QIs to determine if this is one person who will work well with you and your 1031 investment team.

 

Qualified Intermediary Interview Questions:                                                 

_____ Is the QI/Accommodator a bona fide member of the
FEDERATION OF EXCHANGE ACCOMODATORS (FEA)? http://www.1031.org/

_____ Does the Qualified Intermediary hold a Certified Exchange Specialist™ designation? http://www.1031.org/certification/index.htm

____ Is the firm bonded by an insurance company?

_____ Will the firm provide a copy of the bond?

_____ What is the Qualified Intermediary’s professional background?
(Attorney? CPA? with 1031 experience?)

_____ Will the QI take responsibility for losses if a mistake is made
or the transaction does not qualify with the IRS?

_____ Who receives the interest on the escrow account?
(The QI may quote a low fee as a trade-off for receiving the escrow interest.)

_____ Is the QI accessible not only to you, but also to your real estate professional?
Is he willing to meet with all members of the team?including REALTOR® ?face-to-face?

_____Since other experts will be involved in order to assure due diligence,
review documents, handle financing…is the QI a team player?

____ Will an adequate paper trail be created?

_____ Is the QI accustomed to handling the type and size of transaction to be done?

_____ Does the QI have a specialty? Sustainable properties? Agricultural land?

 

Sustainable Agriculture Funding Opps http://www.southernsare.uga.edu/scig_page.htm

 Grants to fund projects that link sustainable agriculture to rural community development. SCI grants in partnership with  the Southern Region Sustainable Agriculture Research and Education Program, the Southern Rural Development Center and the Appalachian Regional Commission. Due date: November 28, 2006

 

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Asheville NC Real Estate Journal for RESOPURCES & REFERRALS -Mountain Homes and Land Legacies- Asheville 1031 Realty© 2014.  Designations: NAR GREEN®, EcoBroker®, Eco Certified ®Real Estate Consultant, ePRO®. Unauthorized reproduction of any information including photos and graphics on this site is a violation of existing copyright laws.  All rights reserved.

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Comments

This is excellent information. I do have invertors and I was wanting more information on the 1031.

Thanks janeAnne~

Posted by Susan Trombley, Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs (Trombley Real Estate) about 12 years ago
Thanks Susan. I enjoy this area of the business. It feels like "grand adventure" at times because of the time clock. More than once I have had investors come in with only 3 days(do ya' believe it?) to find and negotiate an offer on a property!
Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) about 12 years ago
Thanks for this information. Just what I have been looking for.
Posted by John Thomas over 11 years ago

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