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#522220 - 03/24/06 10:01 PM Agent Account - 1031 Exchange
Miss Banker Offline
100 Club
Joined: Feb 2004
Posts: 235
We (the bank) are going to be acting as "escrow agent" - NOT qualified intermediary on a 1031 Exchange account. I know that for CIP purposes the company would be the customer, not us as the bank. But whose TIN would we use?
I have definite concerns about engaging in this type of account and the potential liability. Operationally speaking, how would we set this account up, and with whose TIN, without assuming responsibility as the qualified intermediary?

Please Help. Thanks in advance.
_________________________
"I shall permit no man to narrow and degrade my soul by making me hate him." ~ Booker T. Washington

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Operations Compliance
#522221 - 03/25/06 08:26 PM Re: Agent Account - 1031 Exchange
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Quote:

We (the bank) are going to be acting as "escrow agent" - NOT qualified intermediary on a 1031 Exchange account.




It's impossible to have a 1031 exchange without a qualified intermediary...

This is not a product or service line that a bank should just wade into without fiduciary powers and competent legal advice.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#522222 - 03/27/06 05:55 PM Re: Agent Account - 1031 Exchange
Miss Banker Offline
100 Club
Joined: Feb 2004
Posts: 235
Thank you so much for the response. No wonder it was not making any sense. I knew I wasn't losing my mind, I just needed clarification that this was impossible!
_________________________
"I shall permit no man to narrow and degrade my soul by making me hate him." ~ Booker T. Washington

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#522223 - 03/29/06 12:28 PM Re: Agent Account - 1031 Exchange
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
We also do not have expertise in that area and decline those types of accounts as well.
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Get your facts first, then you can distort them as you please. - Mark Twain

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