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Q. What do exchanges cost?
A. If you have been looking into exchanges on the Internet, you will find that
many exchange services don't publish this information. You may also find, if you
ask the right questions, that there are hidden costs. See our notes on Aren't
attorneys and accountants more expensive?
At Rice & Stallknecht, P.C., we will generally
quote you a flat fee for your exchange, in advance. In most cases, where you are
exchanging one residential property for another, this fee is $1,200.00. There
are no hidden charges. We do not hold your money (see our notes on Who
Holds the Money) and do not collect the interest on it.
There may be a fee to the trustee who holds the money, but we can usually
help you select a qualified trustee who will do this for a very small fee or no
fee at all. Many exchange services will not tell you this, but the person who
holds the money is not required to collect a fee, and does not
have to be a professional "exchange service." Often, it can be a
friend or business associate you trust. Sometimes, it can be a member of your
family (although not a sibling, spouse, ancestor, or lineal descendant).
If your transaction is more complicated, there may be additional costs, of
course. If you need additional services, this may also add to your cost. But, in
most cases, for an exchange of two residential properties, we charge a flat fee
of $1,200.00.
Rice & Stallknecht, P.C. would be honored to
assist you.
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