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Washington state law recently updated its 1031 regulations

Washington state law, RCW 19.310.040, requires an exchange facilitator either to maintain a fidelity bond in an amount of not less than one million dollars that protects clients against losses caused by criminal acts of the exchange facilitator, or to hold all client funds in a qualified escrow account or qualified trust that requires your consent for withdrawals. All exchange funds must be deposited in a separately identified account using your taxpayer identification number. Your Exchange Facilitator must provide written notification of how your exchange funds have been deposited and how to independently verify the deposit of the exchange funds. Exchange facilitation services are not regulated by any agency of the state of Washington or of the United States government. It is your responsibility to determine that your exchange funds will be held in a safe manner.

2017-05-14T20:16:55+00:00 August 2nd, 2013|Categories: 1031 Exchange, Industry News, Uncategorized|Tags: |