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Accommodating Party
By Contributor on September 21, 2018
An accommodating party is a third party intermediary who holds money or property for a short period of time in his role to facilitate a section 1031 exchange.
This accommodating party is officially called a qualified intermediary by government agencies.
You need to know:
What lenders hope you never learn about mortgages
This is a person or entity, who cannot be a relative of either exchanging party, can legally practice the service of of holding funds to facilitate delayed exchange transactions.
The main job of this intermediary is somewhat like the role of an escrow service.
They hold onto critical elements of a deal between two or more parties, and release them to the relevant parties when certain conditions are conclusively met.
Accommodating party is not the same as accommodation party.
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