With this year’s 1031 Tax Group (Ed Okun) and Southwest Exchange (Donald McGhan) disasters fresh in investor’s minds, deansguide has focussed on providing information for investors to consider during their due diligence investigations of this investment strategy. Our recent installment spotlighted Haven Exchange and Union Bank’s “transparency program” aimed at making every step of the exchange process completely clear and under the investor’s control.
In my analysis, with the urging of other industry professionals comments, I posited the idea that true transparency can only be gained if an investor has in place a two signature clause on any exchange accounts holding their money. The two signature clause is the most fail safe approach, I have hear of to date, in preventing fraud or embezzlement during a 1031 exchange.
Below is a recent comment by Haven Exchange President Dorothy Zink. Dorothy has provided the missing link to the question: Does Haven Exchange and Union Bank provide a two signature clause for investors during the 1031 exchange transaction? We are happy to report that Haven Exchange and Union Bank do provide this very important feature in their transactions according to Dorothy’s comment below:
Remember always perform your due diligence with a qualified professional ie attorney, CPA, or investment advisor for added protection. Thanks again to Dorothy for bringing this important information to our readers.