Is there a difference in qualified intermediaries?
Absolutely! The success or failure of your exchange depends on the expertise and documentation prepared by the qualified intermediary. You need to know that no formal training is required nor any special testing, background check, or licenses are needed to be a qualified intermediary. Unless you know the reputation and qualifications of the qualified intermediary you hire, you could be getting “best guess” information from unqualified people using documents that were not drafted or reviewed by a qualified tax attorney. Most qualified intermediary companies do not review your transaction in any manner nor do they check to see if mistakes are being made at other levels that could jeopardize its qualification as a section 1031 exchange. Having your exchange handled by an exchange clerk is like having surgery done by a medical assistant, you might get lucky. Section 1031 exchanges are a complex legal and tax based transaction that requires skill and expertise to be handled properly. At the
