TIC: Qualified Intermediaries Will Complete Required Legal Formalities With Regard To 1031 Exchange
TIC: Qualified Intermediaries are usually referred to as 1031 Exchange Accommodators by anyone engaged in real estate business and some even call them the 1031 Exchange Facilitator whose main functions are to complete the required legal documents so that all applicable laws as well as regulations and even rulings are complied with.
In fact, there are no doubts as to how important are the needs of assigning TIC: Qualified Intermediaries into each Sale and Purchase Agreement or Contract and also Escrow instructions because when they are present before concluding the sale or purchase of the TIC interests it would help qualify the transaction as 1031 exchange. The fact of the matter is that when a transaction is closed without using TIC: Qualified Intermediaries, it would risk being disqualified from 1031 exchange treatment.
Receives The Proceeds From The Transaction
In fact, besides stating beforehand that you are actually engaging in 1031 exchange, you also need to use TIC: Qualified Intermediaries to receive the proceeds from the transaction at close and who will also hold onto the money until the close of the transaction in order to qualify for 1031 exchange. Furthermore, using such intermediaries could involve either individuals or entities and they are in fact the middlemen in any exchange who provide oversight, do the paperwork, deal with escrow services as well as provide necessary expertise that will assure that the exchange will in fact qualify as 1031 exchange under the Internal Revenue Code's Section 1031.
Since any 1031 exchange is sure to be a complicated process it is always a good idea to use TIC: Qualified Intermediaries to simplify the process that in fact will then feel just like any normal transaction. Of course, you will need to pay fees for using the services of the TIC: Qualified Intermediaries and in fact the Qualified Intermediaries industry has not been too closely regulated which means that you would need to exercise special care so that you only select the best and most reputable TIC: Qualified Intermediaries to handle your transaction.
If you need help in finding suitable TIC: Qualified Intermediaries, you could always check out 1031 Exchange Place where a complete database related to the names and addresses of different TIC: Qualified Intermediaries from all parts of the United States is maintained. Once you have selected some prospective TIC: Qualified Intermediaries, you will then need to look at their reputation, how well they bond with you, and how competitive their fee schedule is as well as how their financial strengths are.
Needless to say, you would be best served if you chose only that TIC: Qualified Intermediaries who have the required level of expertise in the 1031 exchange industry.
Related Tags: 1031, 1031 exchange, tenant in common, tic qualified intermediaries tic
Kathryn R. Landry is a business writer for TIC Advisors, Inc . A company that can give you the most complete information on a 1031 exchange or TIC properties nationwide.
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