Lawyers Express Title

Commercial real estate transactions often pose challenges, but with Lawyers Express Title (LET), you gain a steadfast ally. Our proficient in-house title attorneys and specialists actively tackle issues, providing inventive and cost-effective solutions. Whether handling diverse properties, developer acquisitions, industrial projects, or healthcare facilities, we bring our expertise to you through a streamlined single-point-of-contact.

A title company plays a crucial role in facilitating a 1031 exchange by providing services that ensure the exchange complies with the requirements set forth by the Internal Revenue Service. Facilitating a smooth and successful exchange allows taxpayers to defer capital gains taxes and maximize their investment opportunities in real estate.

Title Examination: Thoroughly examines the title to the relinquished property (the property being sold) and the replacement property (the property being acquired) to identify any potential title issues or encumbrances that may affect the exchange process.

Escrow Services: Acts as a neutral third-party to hold the funds from the sale of the relinquished property in escrow until the exchange is completed, ensuring the funds are not directly received by the taxpayer, which is a requirement of a 1031 exchange to maintain tax-deferred status.

Coordination with Qualified Intermediary (QI): In a 1031 exchange, a QI is often used to facilitate the exchange process. The title company works closely with the QI to ensure that the exchange proceeds smoothly and that all funds are properly handled and transferred in accordance with IRS regulations.

Identification of Replacement Property: May assist the taxpayer in identifying suitable replacement properties within the specified identification period (45 days from the sale of the relinquished property). Can provide guidance on the timing and process for identifying replacement properties to ensure compliance with IRS rules.

Title Insurance for Replacement Property: Conducts a title search and provides title insurance to the taxpayer to protect against any title defects or issues that may arise with the replacement property.

Closing Services: Coordinates the closing of the exchange transaction, ensuring that all necessary documents are properly executed and that the exchange is completed within the required timeframe. Facilitates the transfer of title from the relinquished property to the buyer and from the seller to the taxpayer for the replacement property.