The Risks:
Did you know that these
individuals cannot act as your Qualified Intermediary; your
Attorney, CPA/Accountant, Real Estate Agent/Broker, Yourself
(Taxpayer), any of your employees, or anyone who has had an
agency relationship with you in the past, or at the time of
the transaction. These individuals are called “disqualified
persons” under the exchange regulations and will cause
your exchange transaction not to qualify for I.R.S.
purposes.
The risk
of having your exchange disallowed by the I.R.S. is too
incredibly high to depend upon a less experienced exchange
company. Choosing your Qualified Intermediary is the most
important step toward developing a defensible exchange.
The Responsibilities:
Important questions for your
Qualified Intermediary:
-
How long have they been doing deferred
exchanges?
-
Are they bonded?
-
Are they certified?
-
Are they trained in negotiations?
-
Are trained in contract law?
-
Have they had taxation training?
-
Do they have an investment analysis
background?
-
Are they trained in escrow procedures?
-
Have they had training in real estate
practices?
-
Do they have a proven success record in
the business of facilitating deferred exchanges?
-
Does your Qualified Intermediary hold
the distinguished Certified Exchange Advisor (CEA)
designation?
-
Does your Qualified Intermediary hold
the prestigious Certified Commercial Investment Member (CCIM)
designation?
-
Is your Qualified Intermediary a
nationally recognized columnist on exchanges?
-
Does your Qualified Intermediary teach
Attorneys, CPAs’/Accountants and Real Estate Agents/Brokers
nationally on the complex workings of a deferred exchange?
-
Has your Qualified Intermediary
received the “Exchangor of the Year,” “Exchange Trainer of
the Year,” “Exchangor of the Decade” and “Qualified
Intermediary of the Year” Awards, and has also been inducted
into the Exchangors Hall of Fame?
At R. J.
GULLO & CO., INC., we can answer yes to all of these
questions, and have over twenty-five (25) years experience in the
deferred exchange business. Shouldn’t your exchange
transaction receive this type of experience?
