Others are just internet sites, with “fill in the blank” forms and anonymous email “customer service” replies. With e1031xchange you can call us and speak to a live representative. We are available any time of day to facilitate the exchange, and all clients are given the principal’s cell phone number for after-hours access. No one in the industry is comparable.
Our stellar reviews on social media confirm our commitment to service.
Other firms are in the business of selling your name to firms that want to sell you replacement assets. We don’t sell the names of our exchangers and hold your privacy in strict confidence. You won’t be getting annoying sales calls during the exchange period as you will with other providers.
They are overcharging, with fees often exceeding $1,000 for an exchange, and “add ons” that can get the bill even higher.
They are making money trying to sell you a replacement, by selling their “lists” of exchanging taxpayers to salespeople trying to sell you replacement properties. And often the successful sale of a property earns the exchange facilitator even more fees.
Our fee is a single, disclosed fee of $395 for the basic exchange. That’s it, there is never a hidden fee. Others charge wire fees, document preparation fees, and “miscellaneous” fees that can add up and create an unexpected bill.
Like auction-rate securities (such as LandAmerica 1031). There are no IRS regulations on what a qualified intermediary can or can’t do with customer funds. Many intermediaries invest your hard-earned exchange proceeds in risky investments, hoping to earn high yields for themselves. But we hold the proceeds in a secure money market account with a major New York City bank.
The lessons learned from the LandAmerica bankruptcy case should give caution to taxpayers before “parking” their exchange proceeds with just any qualified intermediary. On November 26, 2008 LandAmerica 1031 Exchange Services, Inc. filed for bankruptcy. At the time of the filing, 450 of its customers were holding over $420 million of proceeds from the sales of relinquished properties. The taxpayers argued that the funds deposited with LandAmerica should be returned in full to the taxpayers, as the money was held in trust for them. But the court disagreed, noting that the exchange agreement didn’t even use the words “trust” or “escrow” and placed no restriction on LandAmerica’s use of the funds deposited after the sale of the relinquished property. The taxpayers were treated as general creditors of the bankruptcy and were not entitled to a return of their exchange proceeds in full.