duties of a qualified intermediary» exchange services Duties Of A Qualified Intermediary The duties, responsibilities and challenges involved with operating a Qualified Intermediary business include: A thorough familiarity and knowledge of the regulations Ability to provide documentation in compliance with the regulations An understanding of all of the elements of the Exchange Knowledge and ability to perform in compliance with the Exchange agreement and the regulations. In addition, the Qualified Intermediary must: "Exchange Authority provides me with a comfort level that the work will always get done on time and done well. They make parts of my job simple which results in fewer headaches for me and my clients.” Mike Grandmaison, CPA Preserve the integrity of the Exchange through preparation of proper documentation and complete the Exchange in compliance with the regulations. Make sure the Safe Harbors, if used, are not violated and therefore cease to apply. Interpret and apply the regulations to complex transactional issues. Provide proper and accurate accounting to the taxpayer. Respond to the short time constraints prevalent in Exchanges. Manage the Exchange funds in a prudent, safe manner that incorporates sound business practices.