Commercial
Commercial Title Services
When you choose Fortune Title as your CRE partner, you get an experienced, professional team ready to work, whether your property is in the Garden State or beyond. With our staff expertise, the flexibility of four underwriters and a robust referral network, we’ll make sure we find the right solutions for you. After all, our team knows how important a clean title is for your commercial real estate transactions.
Whether you have a multi-state, multi-property deal or a small piece of commercial land just down the street, Fortune Title is the group you want to help you get to the finish line. Here’s our promise to you. We’ll handle all aspects of your commercial deal from the title search and the preliminary report to the closing and settlement services. No matter how complicated the process gets, let Fortune navigate it with you.
We can handle your project no matter where it is
While we’re headquartered in New Jersey – and fiercely proud of it – we can help you anywhere you need our commercial expertise. Fortune Title is licensed anywhere in the country and ready to get to work in any of our 50 great states. It’s just part of the reason Fortune Title is your best choice to ensure that everything goes smoothly. There are a lot of moving parts when it comes to a commercial real estate deal, but our expert Fortune Title team is ready to handle every aspect of it for you.
Let’s talk about 1031 exchanges
A proper 1031 exchange, also known as a like-kind exchange, allows investors to sell a property and use the money, including gains, to purchase another property without paying capital gains tax.
Through 1031 exchanges, attorneys, developers, investors and other commercial real estate professionals can rely on the same Fortune Title expertise to guide your transaction through the 1031 process as you do for your other real estate deals. We would love to serve as your Qualified Intermediary.
Understanding these key aspects of the 1031 Exchange process is vital for investors looking to defer capital gains taxes and optimize their real estate investments. Here are a few other things to know on this topic.
Timeline of a 1031 exchange transaction
The seller has a 180-day window from the sale of their investment property to complete the purchase of a replacement property. This timeline is crucial for meeting IRS regulations. Failure to settle within this period may result in the investor being liable for capital gains taxes. It’s also important to note that investors also have a 45-day window from the close of their original sale to identify a target property. So, while 180 days may seem like a long time, a 1031 exchange must be handled professionally and efficiently.
Why do I need a Qualified Intermediary (QI)?
During a 1031 Exchange, investors must use an impartial third party responsible for holding the funds from the sale. This is where xx, as your QI, comes in. It’s essential to note that the investor cannot directly handle these funds. If the funds were to be disbursed through traditional avenues, that money would become subject to capital gains taxes, which is why Fortune Title itself can’t complete the settlement and send the money directly to the investor/seller.
Utilization of Funds:
All funds generated from the sale of the initial property must be used exclusively to purchase the replacement property. Any surplus funds remaining after the transaction will be subject to capital gains taxes.
