“I want to take this opportunity to thank you very much for your help and advice. You made this whole 1031 completely painless and you were extremely patient and helpful with my questions. I would not hesitate to recommend you to anyone without reservation.”
This commercial property 1031 exchange was the result of a referral from a Central Florida law firm who provided Atlas 1031 Exchange as one of several qualified intermediaries to consider. I recall when Juan Cardenas called how delighted he was that a live person answered the phone. To his delight, it was a Certified Exchange Specialist© who listened, asked questions and provided a letter of engagement outlining the discussed steps to his commercial 1031 property exchange, the bank to hold his proceeds and the qualified intermediary fee.
How do you trust someone you don’t know to hold your investment proceeds? A Qualified Escrow Agreement (QEA) was one of many 1031 exchange documents prepared prior to the first leg closing that required dual signatures for the Bancorp Bank in Philadelphia, Pennsylvania to authorize exchange proceeds to be wired to the replacement property title companies. The QEA does not earn interest but more importantly provides FDIC insurance for balances above $250,000. The QEA is an efficient way to provide the ultimate security. Once the funds are received, there is a debit lock requiring one signature from the Exchangor and the other from Atlas 1031 Exchange.
Once the exchange proceeds were deposited into the qualified escrow account under Juan’s partnership tax identification number, a screen print of the newly deposited funds along with the wire in confirmation were emailed to Juan. Included with the wire affirmation was a letter outlining the 45th and 180th calendar days and how to identify potential replacement properties.
The first replacement property closing occurred before the 45th calendar day. Care was taken to reimburse the earnest money deposit. The second replacement property closing also returned the earnest money deposit from the 1031 exchange proceeds.
Juan expressed his appreciation for the attention to detail and daily accessibility to Atlas 1031 Exchange.
Juan and Nancy Cardernas, St. Petersburg, Florida
Do you have questions regarding a 1031 exchange. Request a complimentary consultation by clicking on the button below. A Certified Exchange Specialist© will respond within twelve hours or less.
