As a leading national qualified intermediary, Asset Preservation, Inc. (API) is committed to providing its exchange clients with unmatched customer service and the highest level of security available in the §1031 exchange industry. From the client's first contact with an API representative, API's professional exchange counselors, attorneys and accountants work together to meet the client's service needs in order to ensure a smooth transaction and avoids surprises. In the background, API management maintains tight financial controls and multi-layered security systems necessary to provide a level of comfort and the quality of performance relied on by sophisticated investors and Corporate America; we call it the "The API AdvantageTM."
EXPERIENCE
Established in 1990, API has successfully facilitated over 130,000 tax deferred exchanges.
EXPERTISE
API's Exchange Counselors, attorneys and accountants provide personal attention to each exchange.
API's specialized Commercial Division staff handles complex exchange transactions where sophistication, speed and institutional flexibility are needed to get the job done.
API is a member in good standing of the Federation of Exchange Accommodators, the tax deferred exchange industry's only national trade organization.
API's staff is available for free consultation regarding all §1031 exchange matters.
API's website includes the ability to initiate a tax deferred exchange 24/7.
SECURITY
API maintains a fidelity bond with coverage in the aggregate amount of $25,000,000 and has Errors & Omissions coverage in the amount of $2,000,000. API has implemented other protections for its clients that go beyond the typical protections offered by other qualified intermediaries.
API is a member of the Stewart Family of companies under the umbrella of Stewart Information Services, Inc. (Stewart), a NYSE publicly traded company. Stewart Title Company, Inc. (STC) issues a Letter of Assurance (LOA) to each of API's exchange clients upon request. Under the terms of this LOA, STC assures API's performance of its obligations under its Exchange Agreement. The coverage provided by the LOA is not limited to a specific dollar amount like a bond or Errors & Omissions coverage.
As a member of the Stewart family of companies, API is audited twice each year, once by Stewart's internal audit group and a second time by Stewart's outside auditor, KPMG. The internal and external audits involve complete audits of the books and policies and procedures of API.
A separate Exchange Account is established for each client. Exchange funds are not commingled with API's operating accounts. The client may require a notarized signature for the movements of funds - a security feature that assures exchange funds are moved only at the direction of the client.
Make sure you interview your prospective Qualified Intermediary VERY CAREFULLY. What type of protections do they have in place to protect your funds during the 180 day Exchange Period.
0 Comments on 1031 Exchanges - Security of Funds - KNOW YOUR QI
Lisa Lambert, Esq. (1031 Exchange Expert) Fresno, CA More about me
1031 Exchanges - Asset Preservation, Inc.
Office Phone: (559) 229-4103
Cell Phone: (559) 433-5399
Email Me
Discussing 1031 Exchange Issues and Related Real Estate Issues in California. Specifically focusing on the Merced, Madera, Fresno, Selma, Reedley, Oakhurst,Visalia, Hanford, Porterville and Bakersfield areas.