1031 Exchange Myths: Debt Replacement Is Required in an Exchange
1031 Exchange debt replacement is one of the most common myths surrounding 1031 Exchange practices. Tom Moore, 1031 Exchange expert, clarifies....
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"WASHINGTON STATE LAW, RCW 19.310.040, 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 HOLD ALL CLIENT FUNDS IN A QUALIFIED ESCROW ACCOUNT OR QUALIFIED TRUST." RCW 19.310.040(1)(b) (as amended)