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Where does the deposit go? Where does the money go?

Where does the deposit go? Where does the money go?

The contract deposit goes to the Qualified Intermediary (QI). The Exchanger never receives the money. At settlement the Seller’s net proceeds are wired to the QI and placed into a separate interest bearing account. At the closing of the replacement property, the funds required to close the transaction will be wired from the exchange account held by the QI.

1031 Exchange