What's In Your Wallet! - What Should You Be Asking Your §1031 Qualified Intermediary?

The §1031 Qualified Intermediary industry was shaken last November with the Chapter 11 Bankruptcy filing of LandAmerica 1031 Exchange Services Company, Inc. (“LandAmerica 1031”), an affiliate of LandAmerica Financial Group, Inc., formerly the third largest title company in the country. While LandAmerica 1031 had seen its revenues drop, largely as a result in the general downturn of the residential and commercial real estate markets, the catalyst for LandAmerica’s bankruptcy filing was its involvement in the auction rate securities market.

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