Why Trust Atlas 1031 Exchange
Common questions asked in the evaluation cycle of interviewing Qualified Intermediaries are “Why trust and engage Atlas 1031 Exchange,” and “What are the benefits?”
- Accommodating 1031 exchanges is our sole focus. We have facilitated over 2,900 simple and complex, domestic and foreign, individual and corporate exchanges while consulting thousands and teaching state approved continuing education GRI-3 1031 exchange classes for CPAs, Attorneys, Title Companies, Realtors and Brokers in Indiana, Florida and Texas.
- Earned in 2006, the Certified Exchange Specialist® designation requires three years of prior 1031 exchange consultation experience to qualify as a candidate, pass a rigorous board level exam, maintain twenty hours of continuing education on relevant 1031 tax exchange issues every two years and annually promise to “act in a manner to preserve the trust and confidence of the Taxpayer,” among other tenets of an Ethics Policy or face censorship and expulsion from the Federation of Exchange Accommodators (FEA).
- Prudent Investor Standard procedures hold 1031 exchange proceeds in segregated, interest bearing, FDIC $250,000 insured to ensure preservation of principle and liquidity requiring written approval for disbursement or Qualified Escrow Account. Exchange funds are not the assets of Atlas 1031 Exchange and is clearly stated in each Exchange Agreement.
- Demonstrated expertise with over 2,900 simple and complex, forward and reverse, domestic and foreign 1031 exchanges of real property.
- A summary of primary 1031 exchange documents and HUD settlement statements is forwarded to Taxpayer and designated accountant following each 1031 tax exchange to assist with preparation of Internal Revenue Service Form 8824.
- Maintain a $500,000 Errors and Omissions Policy.
- One contact from initial discussion to conclusion of each 1031 exchange.
- Readily accessible including weekends for questions and consultations.
- Financially stable and secure, member in good standing with the Federation of Exchange Accommodators (FEA) and respective Ethics Policy.
- Subject to annual criminal background check by the FEA.
- Flexible and will provide plan of action to fit your transaction.
- Available to meet personally.
Errors & Omissions
Atlas 1031 Exchange maintains a $500,000 per occurrence Errors and Omissions insurance policy protecting clients from the potential gross negligence of our qualified intermediary services.
Lockton Insurance Brokers has long been the provider of insurance for members of the Federation of Exchange Accommodators.
Several states including Oregon, Nevada, Idaho, Washington, California, Connecticut, Colorado, Maine and Virginia require Qualified Intermediaries to follow specific state regulations.
Washington state law, RCW 19.310.040, requires an exchange facilitator to either maintain a fidelity bond in an amount not less than one million dollars that protects clients losses caused by criminal acts of the exchange facilitator, or hold all client funds in a qualified escrow account or qualified trust. RCW19.310.040(1)(b) (as amended)
