What Are the Requirements for a 1031 Exchange in Washington? IPX1031

Hi. I’m Steve Decker with IPX 1031 Exchange Services,

and today I’m going to review with you the requirements that the state of Washington has if you’re going to do business as a qualified intermediary in the state. So there are a number of different regulations that the state requires. First and foremost, the state requires that you have a fidelity bond of at least one million dollars.

Now, thankfully, at IPX, we carry a one hundred million dollar Fidelity bond. So you’re certainly in the clear there. If you don’t carry a bond of at least a million dollars. The state of Washington requires that your funds either be held in a qualified escrow or qualified trust account.

Well, we already have that large bond. We don’t have to worry about that, but, but we do also have the option to place your funds into a qualified trust account. On top of that, the state of Washington requires that your funds be held in an individual segregated bank account that is opened using your taxpayer identification number. We do that for every single one our accounts across the nation.

Additionally, the state of Washington requires that you be able to independently verify how your funds are held. So anytime that you need proof of funds, you can reach out to your local representative at IPX, and we can provide that to you. And but not least, the state of Washington also requires that we have written authorization from you, the taxpayer anytime that funds are going to be withdrawn or sent out for closing or earnest money deposit, which we already do. So you’re in excellent hands with IPX1031.

For additional information on this topic, please go ahead to our website at ipx101 dot com. And you for your time today.

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