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Find this business under: Real Estate Exchangers, Attorneys-Tax, Attorneys-Real Estate
- AKA (Also Known As): ES Group
- Your 1031. Your Bank. Our Expertise
- Hours: Mon-Fri 8am-5pm
- Location description: Northern Virginia
- Services offered: A Qualified Intermediary (QI) is an independent party who facilitates tax-deferred exchanges pursuant to Section 1031 of the Internal Revenue Code. The QI cannot be the taxpayer or a disqualified person. Acting under a written agreement with the taxpayer, the QI acquires the relinquished property and transfers it to the buyer. The QI will hold the sales proceeds to prevent the taxpayer from having actual or constructive receipt of the funds. Finally, the QI acquires the replacement property and transfers it to the taxpayer to complete the exchange before the end of the exchange period.
While many people have an understanding of a like-kind exchange, we have found it is in the best interest of clients to specialize in this area because there are so many traps for the unwary. This is a highly technical subject area and after assisting hundreds of clients with this one type of transaction we \"can see around corners\" and help you troubleshoot problems before they exist.
What does \"like-kind\" mean?
Under 1031, all real property (as it is defined by state law) is considered \"like-kind\" with other real property of the same nature and quality. The following are examples of qualified \"like-kind\" real property exchanges:
* Raw Land for Rental Property
* Single Family Rental for Multi-Family Rental
* Retail Space for Motel/Hotel
* Farms/Ranch for Golf Course
* 30-Year Leasehold Interest for Fee Simple Interest
* Non-Income Producing Raw Land for Income - Your 1031. Your Bank. Our Expertise
ES Group is a Qualified Intermediary pursuant to Internal Revenue Code ?1031. ES Group corresponds with each client's attorney and/or tax advisor and forwards legal documentation, as requested, so that the Internal Revenue Code ?1031 rules and regulations are thoroughly understood. ES Group prepares the necessary documentation- Exchange Agreements, Assignment Agreements, Notice of Assignments, and oversees each closing to assist in proper ?1031 procedures. ES Group provides guidance, information and critical timelines throughout the entire exchange.
Banks & Depository Institutions
We formed ES Group with the intent to be different. The majority of the Qualified Intermediary industry forces you to utilize their banking relationship. Whether it is a title company forcing you to use their escrow or operating account, or a qualified intermediary that has only one banking relationship for ease of use, it is the client that suffers. While we acknowledge one banking relationship may make our lives easier, we also realize that is not what our clients prefer. We have built our business in partnering with depository institutions such as banks and credit unions in providing their clients with services usually only offered by few West Coast large banks and title insurance companies. If you are a client seeking to use a bank you are comfortable with, or a banker looking to get into this business we want your input. Please click on the Contact Us section of our website.
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