- quote -

I know of some big time title companies that have set up QI
subsidiaries.

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Ollie W. Holmes wrote:

- quote -

It means when they disappear with your money, their
insurance company will give you your money (so you're made
whole), then take it out of the QI's hide themselves.

- quote -

Hence the insurance.

Phoebe

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- quote -

I have been reading up on some of these QIs and haven't
heard of any of them before. They talk about being bonded
and carrying insurance up to $2,000,000 per transaction.
This means nothing to me. Letting someone you never heard of
before hold a million bucks of your money for 6 months
worries me. Why can't banks offer themselves up as QIs? I'd
sooner trust a major financial institution than a no name
outfit proclaiming themselves to be "experts" at 1031
exchanges.

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- quote -

There are companies already ste up as qualifired
intermediaries that handle all of the things required in a
1031 exchange. Call a local Real Estate company to get teh
name of one in your area. They will be able to answer all
of your questions.

Bruce Raskin, CPA

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"Dr. Tar" <anon.x[at]anon.invalid> wrote

- quote -

No. The best way is to let your closing attorney find
another attorney to hold the funds in escrow.

The cost is generally minimal.

- quote -

If I understand your question, yes, you can identify one
property within 45 days, but that may not be the property
that you close on within 180 days.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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"Dr. Tar" <anon.x[at]anon.invalid> wrote:

- quote -

NO - your hands can not touch the funds.

- quote -

I'm not sure I understand your point here perhaps someone
else??

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Could someone clarify a few questions regarding a 1031 Land Exchange:

1. "Qualified Intermediary" What would be the simplest way
to set up a required (QI). I would prefer not to have to
hire an attorney or third party if I can avoid it. Can I
somehow set up my own escrow account to pass funds thru ?

2. Timing. I have 45 days to "identify a suitable
replacement". Assuming I use the 3-property rule, does this
mean I have to end up closing one of these within 180 days.
It was explained to me earlier that I only needed to show
intent and "any suitable property" would work if I found
something different between the 45-180 days.

Thanks, Read

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