About Us
Elite 1031 Exchange, LLC. is a Full Service 1031 qualified intermediary that specializes in providing courteous professional service for all types of exchange transactions. We are a bonded and insured company established over 10 years ago and will guide you through every step of the process.
ABOUT OUR SERVICES
The Role of the Qualified Intermediary
In order to complete an I.R.C. Section 1031 Tax Deferred Exchange, the use of a Qualified Intermediary such as Elite 1031 Exchanges L.L.C., is essential. With Elite 1031, as a Qualified Intermediary, we will perform several vital functions in the exchange process. Elite 1031 does not replace the role of competent legal and tax advisors, however we do expertly guide investors through the exchange process with discussions about the specific exchange requirements, preparing the appropriate exchange documentation and safely managing the exchange proceeds.
Act as a Principal
The IRS mandates that a reciprocal trade or actual exchange must take place in each I.R.C. Section 1031 transaction. This means that the Exchanger must assign to a Qualified Intermediary (1) their interest as seller of the relinquished property and (2) their interest as buyer of the replacement property. By becoming an actual party to the exchange, a reciprocal trade takes place even when there are three or more parties involved in an exchange transaction (i.e. when the Exchanger is purchasing the replacement property from someone other than the buyer of their relinquished property.)
Hold Exchange Proceeds
If the Exchanger receives or has control over any of the proceeds from the sale of their relinquished property, those proceeds will be taxable. Elite 1031 will safely hold the proceeds from the sale in a separate escrow account and forward those funds when needed to the purchase the replacement property(ies). All exchange proceeds are held in FDIC insured escrow accounts. Elite 1031 carries $1,000,000.00 in professional liability insurance..
Prepares Legal Documentation
Several exchange documents are necessary in order to properly complete an exchange. With Elite as your Qualified Intermediary, we will prepare all of the required documentation, including the Exchange Agreement, Assignment Agreements, Cooperation Clauses and Exchange Closing Instructions for each settlement agent.
Provides Quality Service
The process of an I.R.C. Section 1031 exchange is relatively simple, however, the rules are complex and can be filled with potential pitfalls. Elite 1031 has developed an excellent reputation because of our superior customer service and commitment to our clients. We work tirelessly with all parties involved to ensure a smooth transaction.
Our Team
CEO/OWNER
JOSEPH MANZO
P:1.800.865.1031