Services and Fees

Professional Fees

Edmund & Wheeler, Inc. is not a “discount exchange provider”. We truly can’t understand the concept.  Edmund & Wheeler, Inc. involves itself with its client’s transactions at a level unparalleled in our industry.

The elements of expense in an exchange are:

  • The type and complexity of the transaction.
  • The type of engagement required.
  • The number of parties or entities involved.
  • The number of properties involved on both sides of the deal.
  • If fractional or whole interests are to be transferred or acquired.
  • The degree of haste or urgency of the situation.
  • Other transaction specific factors.

Edmund & Wheeler fees are all inclusive, and include support before, during and after the exchange. Our fees are quoted at the time of the engagement.

Here is an outline of some of the services we provide during your engagement with our firm:

Preliminary Support, Consulting & Training

A significant part of our practice is in assisting professionals and individuals in determining whether a Section 1031 Exchange is the right strategy. By providing support up front, we become involved early enough to ensure that the vehicle is appropriate for the situation.

Many of our clients engage us a year before they plan to put their properties on the market to ensure their 1031 strategy will meet their long term requirements. We will accommodate your time frame, even if you are closing tomorrow.

Replacement Strategies

Over the years we have found that many of our clients need assistance in not only facilitating exchanges, but to assist them with what an exchange can do for them. Many of the exchange options available are virtually unknown by most real estate professionals. We have assisted hundreds of clients in providing for their future with replacement options that meet their requirements.

Preparation of Documents

It is necessary to prepare a multitude of documents to align the proposed sale of the client’s property to exchange. These can be reviewed and approved by the client’s professionals prior to execution by the client.

For the most part, documents are distributed via DocuSign(r) for electronic signature on a multitude of desktop and portable devices.

Because overlooked details have the potential of derailing the client’s intended tax benefits, we insist on seeing and approving the relevant documents prior to closing.

Attendance at the Closing

Edmund & Wheeler, Inc. covers the entire US. As such, it is impossible for us to attend most closings. Our attendance at closings is rarely required, however, if required and by arrangement, we would be pleased to attend your closing.

Banking and Safeguarding the Funds

One of the specific requirements of the statute and the regulations is that the intermediary be “Qualified”, in that it has done no business (other than Section 1031 exchanges) with the client in the past 2 years and is otherwise “unrelated” to the client.

Our firm uses a money center bank as a depository, and in all cases the funds are held under the client’s name (or entity name) and tax ID number. Our clients must approve ANY and ALL disbursements of funds. Our escrow accounts are insured 100% by the FDIC and the Massachussetts Depositors Insurance Fund. Our escrow partner is The Provident Bank.

Support During the Entire Exchange

Edmund & Wheeler, Inc. remains closely involved with clients during the exchange period. We have been involved in thousands of transactions from the closing of a single family rental house, to some of the nation’s largest commercial properties. Our clients rely upon our support to assist them throughout the exchange.

Conforming Documents, Accounting and Record Keeping

The Qualified Intermediary serves the function of overall supervisor of the exchange. For example many clients direct the proceeds of the first transfer into one or more properties, some or all of which are out of state. This leads to a situation with multiple parties (the property Sellers, their brokers, lawyers, possibly bankers) involved. From the client’s perspective, it is important to have every step of the exchange handled by a knowledgeable intermediary. To close out the exchange, a full accounting is made. The client’s complete electronic file is provided at the conclusion of the exchange via secure link.