On this Free for All Friday, we are discussing the importance of choosing a Qualified Intermediary (QI) that has a team to handle your 1031 exchange not just a sole practitioner. While there are many very knowledgeable sole practitioners who undoubtedly provide good service, they are still just one person and your entire exchange is riding on that one person. What if that sole practitioner is incapacitated during your exchange? The regulations do not provide extensions or allow you to change QIs during the exchange so you should consider this when selecting your QI.
We bring this up today because at 5:00 pm, Marissa LoCascio, our Senior Exchange Officer, will begin a twelve week leave as she welcomes her first child. While Marissa’s clients usually deal mostly with her, everyone on our Exchange Team is always familiar with each exchange transaction and can help with any question or situation. Because of the way we run our business, her absence will not affect any of her clients.
A team provides the back-up in case one member is not available short-term – due to a vacation, an illness, family commitments or the blessing of a new baby. If the sole practitioner QI passed away unexpectedly, unless there was a good business continuity plan in place, it would likely be difficult to complete the exchange.
1031 CORP. is fortunate to have an experienced team that works well together. We instruct closing agents to send closing statements to our group mailbox, 1031help@1031CORP.com, and all website inquiries are directed to that box. This ensures a quicker response and helps keep the exchange process simple for everyone. Meet our Exchange Team.
We wish Marissa and her husband, Jeremiah, the very best and look forward to meeting Baby LoCascio.
