The following is an explanation of the step-by-step process that a taxpayer and their qualified intermediary need to follow to complete a basic 1031 exchange. The Qualified Intermediary is the glue that puts the buyer and seller of property together into the form of a 1031 Exchange.Asset Exchange Company is a Qualified Intermediary facilitating delayed, reverse and construction exchanges. Petitioning to partition is a legal right and the process starts with filing a petition with the Clerk of Court. Petition rules vary from state to state. In this article, we are going to provide a few resources for TIC guidance when conducting a 1031 exchange of real estate.