More On Title Companies

I would like to take this opportunity to apologize and clarify a prior newsletter dealing with the topic of title companies.  The title companies referred to in our prior newsletter are generally not title companies operating in New England.  Title companies in New England perform different functions than title companies in other parts of the country.  In New England, closings are typically performed by attorneys, not escrow or title companies.  Furthermore, most of the title companies, especially the smaller ones, in New England do not also serve as Qualified Intermediaries for 1031 exchanges, although, some of the larger, national title companies have subsidiaries operating in New England.  In many instances, the local offices of the large, national title insurance companies do not even refer 1031 exchanges to their own related companies, but rather, they refer them to All States 1031 or other local Qualified Intermediaries.  We have been told that we give better service and faster, more accurate answers.

            The previous newsletter referred to instances where title insurance companies were taking private information about exchangers and sharing that private information with their related 1031 exchange company.  To our knowledge, this has not happened in New England.  If you are aware of this type of practice, please let us know.

            At All States 1031, we respect the confidentiality of your information.  Our concern is for our clients and the sanctity of their personal information.

            We handle exchanges throughout the country and practices vary all across the various states and regions.  Our recent newsletter should have been clearer about this unsavory practice conducted by title companies outside of New England.  Also, note that only a limited number of title companies are known for this practice.  As a Qualified Intermediary based in New England, but handling exchanges throughout the country, we are dedicated to the highest level of professionalism.  As always, take great caution in choosing a Qualified Intermediary for your exchanges.