| Things You Should Consider |
Why You Should Choose Downstream |
1. |
Bonding. Determine if the Accommodator is bonded for Fidelity, as well as Errors and Omissions insurance. |
1. |
Not only do we have a Fidelity
Bond, which insures our Clients against losses resulting from
dishonest acts such as embezzlement, conversion, fraud, theft, etc.,
but we also have an Errors & Omissions
Insurance policy to protect our Clients. |
2. |
Tax Advice. Is your Accommodator qualified to give you tax advice? Only a tax professional or an attorney is able to give someone tax advice. |
2. |
We have five CPAs, two attorneys, one real estate broker and two notaries who work on Downstream transactions. The president of Downstream Exchange has been a CPA since 1965 and has two Masters Degrees, including a Masters of Business Taxation from the University of Southern California. |
3. |
Stability and Longevity. You should determine how long the accommodator has been in business. Your accommodator may have to support their work before the Internal Revenue Service or other related state taxing agencies years after they completed your exchange. |
3. |
Downstream Exchange Company has continuously served the real estate
community since 1979. We have promptly
provided documents to Clients in the few incidences that they have
been requested by federal or state taxing authorities. |
4. |
Relevant Experience. Does the Accommodator have experience with your type of exchange? You should ask questions particularly if your exchange is unusual. |
4. |
Not only have we acted as accommodators in thousands of delayed exchanges of real estate and personal property, we have also acted as accommodators in hundreds of reverse and built to suit exchanges. |
5. |
Primary Profession. Make sure being an accommodator is the person’s primary profession. For example, some people
"dabble" in an occasional accommodation. |
5. |
Downstream Exchange is devoted solely to acting as an accommodator in 1031 exchanges. Our expertise is based on a thorough understanding of the Internal Revenue Code and the Rules and Regulations of the Internal Revenue Service. We are constantly updating our knowledge with anything that could affect your exchange. |
6. |
Referrals. As with the selection of any professional, referrals from trusted sources increase your confidence. Ask your tax preparer, attorney, realtor, or escrow officer. |
6. |
We encourage you to discuss using Downstream and our qualifications with your tax preparer, attorney, realtor or escrow officer. |
7. |
Professional Associations. Determine if they are members of any professional or trade associations. |
7. |
Downstream Exchange is a member of the Federation
of Accommodators. Downstream is also an affiliate member of the Escrow
Institute of California, and the Pasadena-Foothill
Association of REALTORS®. Staff members belong to the American
Institute of Certified Public Accountants, the California
Society of CPAs, the Department of Real Estate and the State Bar of California. |
8. |
Speeches Given. Determine the number of times the accommodator has been requested to give a speech and the level of the audience to whom they have spoken. |
8. |
C.
Anthony Phillips regularly speaks to various real estate and
tax related organizations. See recent
speeches for a complete list of dates and organizations. |
9. |
Production of Documents. Find out where your documents are physically prepared. Determine who prepares and who reviews your documents. Exchange transactions are time sensitive and need to be prepared on a timely basis. |
9. |
Prepared at our office by courteous, knowledgeable and trained personnel. All documents are reviewed by three people and signed by a company officer. Most clients will never meet us in person, so we want our documents to reflect the care and thought we put into them and your exchange. |
10. |
License Requirements. License Requirements. Unlike other financial consumer services, accommodators are not required
to be licensed by the state. Therefore, no minimum standards are
mandated by any government agency. Only the state of Nevada requires
accommodators to be licensed. |
10. |
Downstream is licensed as an Accommodator in the state of Nevada. Several employees have been licensed by the state of California in several professional occupations such as accounting, law, real estate and notary public. |
