What does a Qualified Intermediary (QI) or Accommodator do?
The QI prepares the Like Kind Exchange Agreement, the Qualified Escrow Account Agreement, the Assignment, Acceptance, Notice and Direction to Convey documents and any other documents necessary for completion of the Exchangor’s intended 1031 tax-deferred, like-kind exchange. The QI reviews closing instructions and settlement statements and provides the Exchangor with an Identification or Replacement Property Form for the Exchangor, and monitors the time limits for the 1031 tax-deferred, like-kind exchange established by the Treasury Regulations. The QI generally provides monthly statements of account and online access for repeat clients.
