Guides
Read the file before you wire funds
These pages exist so you can ask a QI the same questions a careful closer would ask — and so you can tell a marketing claim from a custody fact. They are editorial. They are not tax, legal, or investment advice. Statutes and firm disclosures change; check the primary source and the date on each citation.
Primary explainer
How to choose a QI
No federal license. Titling, segregation, who can wire, disclosed insurance, FEA vs charter, CES, reverse/improvement/DST as questions, and who keeps float interest.
Exchange types
Forward vs reverse vs improvement
Definitions from IRC §1031, Treas. Reg. §1.1031(k)-1, and Rev. Proc. 2000-37. What QI operational capability actually means, and common failure modes.
State overview
State QI bonding and registration
Verified states only, from primary statute or regulator pages. Table with requirement summary, source link, and as-of date. Room for later per-state deep pages.
Custody mechanics
Segregated funds vs dual-signature
Why both matter, what a parent logo does not prove, and how to read account controls without inventing a rating.
Securities language
QI custody vs DST offerings
A QI listing here is a custody file. A DST interest is typically a securities offering. Those are different products and different documents.
Field key
How to read a custody file
What each directory column means, what we refuse to invent, and how to use FEA, CES, and state bonding without treating them as a government charter.