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#1426922 - 08/10/10 08:29 PM 1031 Exchange Account
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
An attorney customer is going to start working with clients doing 1031 exhanges and is asking if we can help him with that - I'm thinking we're just talking about an escrow agreement/POA and an escrow account, but I will admit this is the first time this question has been asked. Anyone have experience, or common sense, regarding a 1031 Exchange?
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#1427115 - 08/11/10 12:48 PM Re: 1031 Exchange Account RBanker
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If you search the threads for "1031" or "qualified intermediary" you will find several prior discussions. Here's one.

Your "help" should be limited to opening the account for him. He's the fiduciary. You are the depository institution, nothing more. More pointedly, he's being paid. You're paying interest, not providing technical or legal support.
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#1427144 - 08/11/10 01:11 PM Re: 1031 Exchange Account Elwood P. Dowd
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Thansk for the good information on a potentially complex account, and my apologies, my post was a little mis-leading - he wasn't asking me to help him in other way than to be a place to open the account.
But I'm thinking I need a little more digging.
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