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Strength in Numbers

Your first and last concern in the 1031 exchange transaction should be security and integrity. Are your funds secure and will your transaction be processed accurately are the two most important questions you will pose to the Qualified Intermediary handling your exchange transaction. Unfortunately, there is no federal regulation of the Qualified Intermediary industry. And, because it is fairly easy to become a Qualified Intermediary - it is imperative that you place your exchange funds with a Qualified Intermediary that can protect your assets.

Security of Funds - Guaranteed Protection The security of your funds should be your foremost concern when choosing a Qualified Intermediary. Nothing is more important than knowing your funds are protected. Upon request, Old Republic Exchange will provide a written guarantee from Old Republic National Title Holding Company stating that Old Republic National will reimburse you for any loss of funds transmitted to Old Republic Exchange if such loss is the result of Old Republic Exchange’s or its employees’ gross negligence, fraud, or dishonesty.

$50-Million Dollar Professional Liability Insurance Old Republic Exchange is covered by professional liability (errors and omissions) insurance with a $50mm aggregate limit.

$120-Million Dollar Fidelity Bond Old Republic Exchange is insured by a fidelity bond covering acts of dishonesty or fraud with a $60mm single-loss limit and an $120mm aggregate limit.

WASHINGTON STATE LAW DISCLOSURE. Washington state law, RCW 19.310.040, as amended, effective June 7, 2012, requires an exchange facilitator to either 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. You must receive written notification of how your exchange funds have been deposited. Your exchange facilitator is required to provide you with written directions of how to independently verify the deposit of the exchange funds. Exchange facilitator 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.

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