Qualified Intermediary
Don't know which forum is best for this question so here goes. What is a Qualified Intermediary? My seller wants to have this in our contract where he's carrying a 4 year interest only balloon for 35% of our purchase price. Here's what he wants in the contract:
"Purchaser to pay Qualified Intermediary’s fee of 3% ($1,290) in the form of a promissory note payable to the QI when 2nd mortgage is satisfied."
I've never run across this term. Is it a fancy name for escrow agent or some kind of secret goverment agency <IMG SRC="images/forum/smilies/icon_biggrin.gif"> ?
Any help on this one?
Thanks,
Todd
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