Title Services for 1031
At Fairwater Title Company, we go about and beyond with our title services. This includes title services for 1031 exchanges.
Title companies play different roles when it comes to transactions in real estate. As the representative or agent of the buyer, seller, insurance company, and other involved parties, the title company will ensure the legitimacy of the rights of the seller to offer the property, close the property upon the sale, and provide for the proper title insurance in case a defect or other important issue arises about the property which includes title services for 1031 exchange.
For the most part, a 1031 exchange is quite similar to standard real estate transactions. But there are a few differences are present in this type of transaction.
What Makes a 1031 Exchange Different?
We can serve as a qualified intermediary for a 1031 exchange. Our title company can perform such services while also being the escrow officer as part of the transaction process. As part of our normal services, we will hold the buyer’s funds in an escrow account until all the documentation is signed which completes the real estate transaction.
For a 1031 exchange, we do the same thing by services as the escrow officer representing the taxpayer. We provide these services as the property is disposed while identifying prospective properties that meet the qualifications of a 1031 exchange. If such a property does qualify, then the capital gains tax can be deferred on the gains made from the sale.
What Makes a 1031 Exchange Different?
We can serve as a qualified intermediary for a 1031 exchange. Our title company can perform such services while also being the escrow officer as part of the transaction process. As part of our normal services, we will hold the buyer’s funds in an escrow account until all the documentation is signed which completes the real estate transaction.
For a 1031 exchange, we do the same thing by services as the escrow officer representing the taxpayer. We provide these services as the property is disposed while identifying prospective properties that meet the qualifications of a 1031 exchange. If such a property does qualify, then the capital gains tax can be deferred on the gains made from the sale.
But What If We are Not the Qualified Intermediary?
Why Choose Our 1031 Exchange Services?
Our services will help coordinate all parties involved which includes legal and tax advisors, closing agents, and real estate professionals. Our goal is to ensure that everyone involved has the same information and works together to ensure a smooth transaction under the 1031 guidelines.
At Fairwater Title Company, we offer the best in title services for 1031 exchanges. Proving prompt, professional services that help facilitate the exchange while following all rules and regulations to ensure compliance. If you need a title company that has experience in 1031 exchanges, then please give us a call today.