For those seeking 1031 exchange in Andrews and Crane, Texas, Ector County Abstract is the right place to come on in.
Odessa, TX -- (ReleaseWire) -- 11/20/2020 -- A 1031 exchange refers to legislation that allows an investor to sell a property, reinvest the proceeds in a new property, and as such, defer all capital gain taxes. With the 1031 exchange help, many individuals can defer their taxes associated with gains in real estate.
From the closing of the relinquished property's initial sale, sellers will have a maximum of 180 calendar days to complete their exchange into the replacement property. The seller is required to designate candidate properties within the first few days of the period and identify them to the IRS with the help of a Qualified Intermediary, also known as an Exchange Accommodator.
Irrespective of value it allows sellers to identify up to three properties. The funds in a trust account with the Qualified Intermediary can be used as earnest money to purchase the designated property once all IRS requirements for a 1031 transaction are met.
Ector County Abstract & Title Search offers various services, including title/lien search, title insurance, real estate closings, title ordering, and more. As one of the leading establishments, the company helps the investors through the option of 1031 exchange in Andrews and Crane, Texas.
The professional staff working for the company has years of experience in real estate. With hundreds of replacement properties, they are sure to assure success when providing 1031 exchange.
They walk their clients through the rules and regulations associated with the process and the benefits it affords. The primary purpose of 1031 exchange is to defer the tax on profits gained after selling the property. It also takes one through a process called construction whereby improvements to the replacement property can be made using the proceeds from the 1st property. It also allows for the diversification of investment, which helps in minimizing the risks. Business professionals can shift their processes to some other locations using this process.
About Ector County Abstract & Title
Locally owned and operated, Ector County Abstract & Title brings its experience at handling real estate closings, providing abstracts, searching public land records, protecting buyers and lenders with title insurance, and so much more. The professionals at Ector County Abstract & Title have lightened the load by developing techniques that streamline the entire process.
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