Qualified Intermediary
Even the name seems a little complicated. I always take in a breath when a client asks me to describe why they need a Qualified Intermediary. This is made a little more complicated by the use of related names, such as accommodators or exchange facilitators. What is a QUALIFIED INTERMEDIARY?
A Qualified Intermediary is an independent party that facilitates a tax-deferred exchange.
The Internal Revenue Service requires the use of a QUALIFIED INTERMEDIARY for a Section 1031 Exchange to qualify under their regulatory "safe harbor".
The sale proceeds are held by the QUALIFIED INTERMEDIARY until they are needed to acquire the replacement property.
That's it.
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