1031 Exchange Specialists - Play A Significant Role In Deferred Exchanges- Part One
March 12th, 2008 | by admin |
1031 exchangeTax payers require the services of Qualified Intermediaries to complete 1031 deferred exchanges. Such intermediaries are 1031 Exchange Specialists. The latter have extensive training in all aspects of 1031 exchanges including tenancy in common (TIC) exchanges.
Further, they have years of work experience in handling all types of 1031 exchanges. The various types of 1031 exchanges they handle include forward, reverse, construction, TIC, concurrent, and personal property exchanges.
Some of these 1031 exchange specialists are highly qualified in their field too. They are Certified Exchange Specialists (CES). They have a minimum acceptable level of work experience in the field of 1031 exchanges. Further, they have passed an exam in 1031 exchange laws and procedures.
The CES designation is provided to them by the Federation of Exchange Accommodators (FEA). The latter is a national level body in the US. It oversees the ethical conduct of its members. It also provides innovations and guidance in exchange practices.
As Qualified Intermediaries, 1031 Exchange Specialists have a very significant role to play in 1031 deferred exchanges. Qualified Intermediaries are also known as Facilitators or Accommodators.
Not everyone can become Qualified Intermediaries. The following restrictions are applicable to them.
They cannot be Exchangers. They cannot be sellers or buyers in any 1031 exchange transactions. Further, they cannot be Realtors or Brokers. Finally, they cannot be related to the Exchanger.
