Failed Exchanges & The Role of the Qualified Intermediary

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The questions here were received from interested 1031 exchangers visiting my website. I have chosen to leave the questions intact with their ambiguity, shorthand writing and misspellings so as not to act on the assumption as to what when unclear the questioner meant.

Failed Exchanges and The Role of the Qualified Intermediary

Question:
Just sold an investment property. Looking to learn more on 1031 program

Answer:
If you did not hire a Qualified Intermediary, and sign the paperwork, and the QI’s paperwork work was at settlement, you have constructive receipt of the proceeds, and you cannot do an exchange. Unfortunately, your first lesson is expensive.

About Marilee: Role of Marilee Hill, Registered Representative (RR)

Marilee Hill knows about 1031 exchange processes – as a 20 year real estate professional, she is able to help offer clients advice on exchange replacement properties and regulations such as reg D of the Security Exchange Act of 1933.

Marilee Hill is a registered representative with a series 7 license who can help with the preliminary work of understanding what to do with a 1031 exchange deal. Then there’s a qualified intermediary service that generally charges $600-$1000 or more to help achieve the deal. Marilee Hill’s services, on the other hand, are free.

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Marilee Hill, MA Hill