ECA Title, Land & Settlement Services
At ECA you can be confident that we will get the closing done right the first time, every time. There are many facets to a transaction that need careful attention before you get to the closing table. Our work starts as soon as the contract of sale is signed. With our “compulsive attention to detail” standard of service, regardless of the size of your real estate transaction, we ensure that all aspects of the title work are addressed ahead of time. On the day of closing we want everything to go like clockwork, with no surprises. We’re always there to help resolve issues from the simple to the complex.
East Coast Abstract has more than forty (40) years of experience in managing all title aspects of a commercial real estate transaction. Complex property issues such as air rights, easements and franchise taxes need appropriate research prior to delivery of clear and marketable title. In addition, Articles of Organization, Corporate Resolutions and proper stockholders’ consent are some of the critical documents that receive the careful review of our legal counsel. From the title search to the recording of all necessary documents, the experts at ECA title insurance company will exceed your expectations and allow you to close with complete confidence.
At ECA, we know that the process of purchasing a home can be confusing, and sometimes complex. We also realize that for most people, their home is their single largest investment, and that they deserve peace of mind when it comes to homeownership. ECA has the resources to search every detail about the property involved including performing a lien search and deed search, and to make the prudent decisions regarding any title issues that may be discovered. When we take on your title work, our knowledge and our expertise allow us to recognize and resolve title issues that we find during the search and discovery phase of the title insurance process. By “clearing” title, and various ownership matters ahead of time, we are able to deliver a “clear and marketable title” to our title insurance clients.
Our 40 years of experience and our personal attention to every detail will “insure” that your home, condominium, or co-op ownership will be protected with the proper title insurance.
A 1031 ‘like-kind’ exchange is a tax deferral strategy that allows a taxpayer to defer income tax on gain from the sale of appreciated property. Tax-deferred exchanges are vital options for owners of businesses or investment property of all types and sizes.
As a general rule, all real estate is considered ‘like-kind’ to all other real estate. This means, for example, that you can exchange raw land for a skyscraper or a shopping center for an apartment building, which makes a like-kind exchange an attractive option for a taxpayer who wants to defer paying income tax on the gain from the sale of appreciated property.
Section 1031 of the Internal Revenue Code is not a tax loophole. It has been around as long as the tax codes itself and allows up to 100% deferral of the realized gain. This includes the capital gain plus the accumulated depreciation recapture. For investors large and small, there is no other provision in the tax code that favors this magnitude of tax deferral.
Why ECA 1031 Services Corp.?
The selection of your Qualified Intermediary (QI) is crucial to the success of your exchange.
East Coast Abstract 1031 provides sound documentation and the services of highly-skilled exchange professionals.
There are other types of exchanges, such as reverse exchanges, improvement exchanges, and personal property exchanges. East Coast Abstract title insurance company provides unparalleled expertise for exchanges of real property, with a simplified and streamlined process.
Unlike other 1031 exchange servicer’s, ECA 1031 does not yield a profit from the exchanger’s deposit and only “parks” the deposits in Federally insured banks. Ask us about the CDAR programs.
Who Can Exchange?
- Corporations Partnerships Individual
- Limited Liability Companies
- Foreigners who own U.S. property
Reasons for Exchanging:
- Change for the type of property you own
- Accommodate life transitions
- Change tenants
- Transitions from maintenance-intensive property to professionally-managed property
- Improve your investment performance
At ECA 1031 we’ve made it easy for you. Just follow these 5 steps.
Step 1. The Contract
Add the following language to your Contract for Sale: “In the event Seller so elects, at its expense, Buyer agrees to cooperate with Seller in effecting a tax-deferred exchange under Internal Revenue Code Section 1031, as amended. Seller shall have the right to elect this tax-deferred exchange at any time prior to the closing date and to assign this contact in connection with such tax-deferred exchange.”
Sign the contract to sell your existing business or investment property (relinquished property).
Step 2. The Contact
When the contract is fully executed on the relinquished property, but before the property is transferred, contact ECA 1031. ECA 1031 will prepare the 1031 Exchange Agreement for you to sign.
Step 3. The Closing
ECA 1031 assumes complete control of the net proceeds when the transfer of the relinquished property is completed.
Step 4. The Identification
Notify ECA 1031 in writing of the identified replacement property(ies) within 45 days after the transfer of the relinquished property.
Step 5. The Acquisition
Close on the replacement property(ies) within 180 days after the transfer of the relinquished property.
Before you begin the exchange process, consult with your tax or financial advisor to insure that a 1031 exchange is right for you. If it is, then contact ECA 1031 Services Corp. at 800-734-7110. We will help you complete the exchange process.