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Top 10 1031 Exchange Considerations | Add Comment

Bigger is NOT Always Better 11/26/2007

The article makes a point that qualified intermediaries owned or controlled by title insurance companies, banks, etc. are easier to go after if there is a problem. This is true provided the company is still in business. However, there are two recent cases this year where two large qualified intermediaries closed their doors and got out of the qualified intermediary business. Clients trying to contact them for year-end issues, tax reporting issues and audit issues will have a very difficult time in getting assistance. It is important to look at the ownership team, the management team, and your local contact to determine how long they have been in the qualified intermediary business. Ask whether there has been any recent change in ownership or management that could be a leading indicator. Dependability, reliability, and being there for the client are more important than big.

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