Hire a Qualified Intermediary ("QI") or escrow attorney to hold funds in a separate account.
Comply with 1031 exchange rules and protect the integrity of your deal with a neutral, third party lawyer.
An intermediary handles deposit of funds in compliance with any legal or contractual requirements and helps avoid conflicts of interest.
An escrow attorneys ensures the terms of your business or real estate deal are fully met before payment is released, and protects against fraud.
Also known as a 1031 exchange attorney, a designated holder of real estate proceeds so you can fully comply with IRS tax deferement rules.
We typically charge $1,200 for our legal services as an escrow or 1031 exchange attorney.
42 West Street
Brooklyn, NY 11222*
384 South 2nd Street
Brooklyn, NY 11211•
155 Water Street
Brooklyn, NY 11201*
240 Kent Avenue
Brooklyn, NY 11249*
147 Prince Street
Brooklyn, NY 10012*
29-28th 41st Avenue
Queens, NY 11101*
43-22 36th Street
Queens, NY 11101*
34-18 Northern Boulevard
Queens, NY 11101*
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• Principal place of business
* By appointment for clients only
A flat fee lawyer is only a phone call, text or click away.
We also offer legal consultations by email, phone/video or in-person.
Schedule an appointment today and speak to an escrow or 1031 exchange attorney at your convenience.
Q: Can I use my real estate lawyer as a Qualified Intermediary for my 1031 exchange?
A: No! It is important that you do not use your real estate attorney to qualify for 1031 exchange deferred tax treatment. This means that your real estate lawyer should never have control of the proceeds from the sale of your property. Neither should you nor any agent that represents you.
When you use a third party attorney that does not represent you in a real estate transaction it ensures that you have obtained a qualified escrow agent. In order to qualify for 1031 exchange tax deferred treatment it is important that the sale proceeds be kept out of your control.
You cannot have the right to receive, pledge, borrow or obtain benefit from the sale proceeds. A qualified escrow attorney acting as a qualified intermediary will accomplish this.
Q: Do you provide 1031 exchange tax advice?
A: No, we do not provide tax advice as we are not accountants. We give you the courtesy of letting you know the 45 day replacement property identification date and the 180 day replacement property closing date, but all tax questions should be directed to a certified public accountant.
Q: What does an escrow attorney do?
A: An escrow attorney holds funds in a separate bank account until all terms and conditions of an agreement are met. Once both parties acknowledge and/or an escrow agreement instructs for the release of funds, an escrow attorney disperses proceeds that have been held in escrow as instructed by the escrow agreement.
This way a legal safeguard exists that neither party's lawyer controls the funds, but rather a neutral, third party attorney is responsible for the distribution of funds.
Whenever you plan to sell investment property and want to reinvest your proceeds for 1031 exchange treatment you need a 1031 exchange agent to comply with IRS tax-deferred exchange rules. This person or entity is typically referred to as a Qualified Intermediary. A Qualified Intermediary lawyer for a 1031 exchange real estate transaction is absolutely necessary to comply with IRS requirements because the real estate lawyer that represents you during the sale of your property can not typically be your Qualified Intermediary. Make sure to avoid violating IRS 1031 exchange rules and hire a lawyer as a Qualified Intermediary that is not party of the real estate transaction from which the funds derive from. Keep in mind to identify replacement investment property within 45 days from the initial closing and complete the entire exchange within 180 days. Other rules also apply and it is wise to consult a certified public accountant or tax specialist for additional requirements and tax advice. Should you also require an escrow attorney for escrow services look no further. Our flat fee lawyers provide escrow services and always adhere to the instructions set forth in your contract or applicable law. Whether you are selling or buying property in New York, New Jersey, or Pennsylvania and need an escrow attorney to act as the middle man in your deal, or for another reason such as the sale or purchase of a business, contact us today to find out if we can help safeguard your money with our flat fee escrow attorney services.