I am sure many of you have recently read articles telling of horror stories of Qualified Intermediaries running into the sunset with their clients money. It’s sad to say but it has happened. The Exchangors doing business with these companies either were misinformed about the security features offered by the companies or they did not ask any questions about what was happening with their funds.
Make sure your funds are in an INDIVIDUAL, DUAL SIGNATORY ACCOUNT and make sure that you are receiving monthly statements directly from the bank or that you can call and get the current balance on your account from the bank.
Ask if they are bonded and insured.
Ask if they are members of the Federation of Exchange Accommodators and if they have a Certified Exchange Specialist on staff.
Remember not to focus on the price of the exchange - You get what you pay for. If you want superior knowledge, protection and service, it’s going to cost you a reasonable fee but in the long run you are going to be thankful for the security in knowing your exchange was completed correctly and you have no worries.
The bitterness of poor quality remains long after the sweetness of low price is forgotten
You have the right to know these things.
Click here to see all the security features that All States 1031 has to offer.
Tags: 1031, 1031 exchange, All States, bankruptcy, Certified Exchange Specialist, CES, dual signatures, exchange funds, FEA, Federation of Exchange Accommodators, QI, qualified intermediary, safety, security, trust