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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