COVID-19 AND THE SECURITY OF YOUR EXCHANGE DEPOSITS
Given the significant changes that we’ve all had to make in response to Covid-19, we’d like to take this opportunity to assure you that our teams and families are safe, and we hope the same for you and your families. The health and safety of our customers, employees and families are our top priorities. As a company, we are able to work remotely to ensure seamless service and we can operate from electronic documents. No originals are required to complete your exchange for our purposes. Our teams are ready and available to answer any questions you may have regarding your transactions. While the IRS has not provided any guidance on extensions for 1031 exchange time deadlines, if an extension will be provided, the information would likely be posted at: https://www.irs.gov/coronavirus. We will keep you apprised of any information we receive on such extensions.
As questions arise in our industry about the security of exchange funds held by qualified intermediaries, we want to assure you that exchange funds held by First American Exchange Company are strictly held in segregated deposit accounts with FDIC insured institutions with investment-grade ratings (or which are subsidiaries of investment-grade institutions). First American’s Treasury team closely monitors the financial stability of these institutions.
Click here for more detailed information regarding the strength of First American Exchange Company and its parent, First American Title Insurance Company. As part of The First American Family of Companies, First American Exchange has offices throughout the