Archives

July 2007

Las Vegas, NV: Trump Towers

Posted at 9:54 PM, Jul. 31, 2007

  Day by day last week the letters went on the building...one letter a day.  Yes, the T-R-U-M-P is finally on the TRUMP tower.  With just a few more months before the grand opening of tower 1 (January 2008) Donald Trump's latest venture is in its final stages.

The Trump Tower will be a 64 story hotel-condominum.  It is being built across the street from Wynn Las Vegas.  It will feature both non-residential hotel condominiums and residential condominiums.  Due to the overwhelming sellers response from the first tower, a second, identical tower will be built next to the first tower.

When completed, it will be Las Vegas' tallest residential building at 620 feet.

                                                                                                     
                                                                                     

1031 Exchanges

Posted at 8:32 PM, Jul. 16, 2007

When Governor Gibbons signed Senate Bill 476 into law on June 14, 2007, new safeguards were put into place to help protect consumers when doing a 1031 Tax-Deferred Exchange.  As a reminder, a 1031 Exchange is when a property owner defers their capital gain taxes when the sell a piece of investment property and purchased new investment property.  Some of the key elements of the new law are as follows:

o  Increased bonding requirements

o  Licensing requirements for Qualified Intermediaries in Nevada

o  The use of Qualified Escrow accounts

        Another important requirement to the new law is that per Section 14 of the new law, “Exchange Funds cannot be withdrawn from the account without written approval of BOTH the licensee and the Exchangor.”  Also, Section 13 of the new law states “Each licensee shall invest money related to a tax-deferred exchange of property in investments which meet the reasonable standards that are applicable to persons acting as fiduciaries in this State.”   First American Exchange Company is in compliance in all aspects of the new law.  Our company has always believed that security of funds and knowledgeable employees are what make First American Exchange Company the best bet in Nevada.

        Licensing requirements have also been established which will be monitored by the Division of Financial Institutions.  To be licensed as a Q.I. in the state of Nevada, an individual must meet one of the following criteria:

1)          An attorney or certified public accountant admitted to practice in any state or territory of the United States;

2)          A Certified Exchange Specialist, certified by Federation of Exchange Accommodators; or

3)          A person who has been actively conducting the business of an exchange facilitator or who has equivalent experience, as determined by the Division, for the 3 years immediately preceding his designation as an exchange facilitator.

        Our office here in Las Vegas has 2 Certified Exchange Specialists to help you with any type of exchange you may need to process.  If you ever have questions of your transaction, our Las Vegas office will always be available to you, handling every aspect of your transaction, from documentation to transfer of funds. 

When using First American Exchange Company, clients have the protection and guarantees of First American Title Company, the nation’s leader in real estate information.  That will give you the peace of mind necessary when doing a 1031 Tax-Deferred Exchange.

For more information on 1031 Exchanges or on the new law for Qualified Intermediaries, feel free to call our office at 702-458-1357.

Carmine DiFulvio, CES^®

Certified Exchange Specialist

Senior Market Representative

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