Exchange Authority Successfully Implements Exchange Manager Pro(SM)

DENVER, CO, February 15, 2022 – Exchange Authority, a subsidiary of Fidelity Bank in Leominster, MA, became the first Qualified A person acting to facilitate an exchange under section 1031 and the regulations. This person may not be the taxpayer or a disqualified person. Section 1.1031(k)-1(g)(4)(iii) requires that, for an intermediary to be a qualified intermediary, the intermediary must enter into a written "exchange" agreement with the taxpayer and, as required by the exchange agreement, acquire the relinquished property from the taxpayer, transfer the relinquished property, acquire the replacement property, and transfer the replacement property to the taxpayer. Intermediary (QI) to implement Exchange Manager Pro^SM to facilitate their 1031 exchange business. Exchange Manager Pro^SM, a patented SaaS offering, hosted on Microsoft Azure, provides 24/7 secure, online access to all 1031 exchange data, documents, and reports. It allows for single-entry data to auto-generate required exchange agreements, assignments, and notifications.

Exchange Authority’s President and CEO, John Peculis, confirmed that Exchange Manager Pro^SM has offered his team a one-stop-shop for 1031 exchanges, from document creation, automated communication, calendar reminders, and status tracking throughout the entire exchange process. “Exchange Manager Pro^SM is a solution made for QIs, by a QI that truly understands the technical side of Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange s and therefore provides a true solution,” stated John.

Exchange Authority is seeing a significant reduction in the calls and emails their specialists must manage daily due to Exchange Manager Pro^SM providing their team a real-time dashboard of the exchange status and automated updates to the client. “After internal analysis, we expect to decrease the time spent on tedious, back-and-forth communication by 30-50% with Exchange Manager Pro^SM,” adds John.

“Exchange Manager Pro^SM is an out-of-the-box solution for all Qualified Intermediaries that are looking to increase efficiencies, security, and volume, without increasing staff,” said Brent Abrahm, Accruit’s President and CEO. “We are excited about the impact this technology is having on the entire real estate industry.  Automating routine, repetitive processes through Exchange Manager Pro^SM is allowing QIs to focus on creating a much greater customer experience.” 

About Exchange Manager Pro ^SM

Exchange Manager Pro^SM by Accruit is a proprietary, online software application that makes administering 1031 exchanges safe, secure, and simple. Exchange Manager Pro^SM was designed to ease the administrative burdens related to like-kind exchanges and automate routine functions of Qualified Intermediaries including: online client onboarding, document creation and distribution, and automatic deadline reminders and notifications.

About Exchange Authority

Exchange Authority has been assisting clients and their professional advisors throughout the United States on exchange matters and acting as a Qualified A person acting to facilitate an exchange under section 1031 and the regulations. This person may not be the taxpayer or a disqualified person. Section 1.1031(k)-1(g)(4)(iii) requires that, for an intermediary to be a qualified intermediary, the intermediary must enter into a written "exchange" agreement with the taxpayer and, as required by the exchange agreement, acquire the relinquished property from the taxpayer, transfer the relinquished property, acquire the replacement property, and transfer the replacement property to the taxpayer. Intermediary since Congress adopted the exchange safe harbor regulations in 1991. As a Qualified A person acting to facilitate an exchange under section 1031 and the regulations. This person may not be the taxpayer or a disqualified person. Section 1.1031(k)-1(g)(4)(iii) requires that, for an intermediary to be a qualified intermediary, the intermediary must enter into a written "exchange" agreement with the taxpayer and, as required by the exchange agreement, acquire the relinquished property from the taxpayer, transfer the relinquished property, acquire the replacement property, and transfer the replacement property to the taxpayer. Intermediary ,  Exchange Authority advises and educates their clients on the process, creates all required documents, coordinates the exchange of funds, and provides full reports at the end of the exchange. In 2008, Exchange Authority was acquired by Fidelity Cooperative Bank, making it a wholly-owned subsidiary of the bank. Learn more about Exchange Authority.