As your Qualified Intermediary
As your QI, SEA1031 will draft an exchange agreement and assignment documents allowing us to act on your behalf for the sale of the relinquished property and purchase of replacement property. We will work with your closing agents for the sale and purchase to make certain the settlement statements correctly identify the exchange and our role as your QI. We will open a segregated bank account to hold the proceeds from your relinquished sale (your exchange funds). The closing agent conducting the sale will wire the proceeds directly into your exchange account. By holding the proceeds in a separate account, we are preventing you from having actual or constructive receipt of them. This is very important because if you have any control over the funds while the exchange is open, the funds will not be tax deferred and you will not be able to complete the exchange. We are allowed to use exchange funds only for the purchase of replacement property and will wire them to the closing for your purchase. We will return any unused funds to the taxpayer in the exchange. For more information on exchange funds, click here.
Strategic 1031 Exchange Advisors, LLC, a Georgia limited liability company, is a qualified intermediary for 1031 exchanges only. It is not an accounting firm, law firm or registered investment professional and therefore is not qualified to give accounting, tax, legal or investment advice, and, further, cannot act in an agency capacity on behalf of its clients. This website is for informational purposes only and does not and is not intended to constitute accounting, tax, legal or investment advice. We advise you to consult with your accountant, attorney and investment professional on all matters related to your exchange.