Dear Valued Client/Partner,
We wanted to reach out to address the current situation with the Coronavirus (COVID-19) and the actions we are taking. Our first priority is always the safety and health of our customers, partners and employees. ERG remains open for business and will continue to offer complete 1031 Exchange support and responsiveness through this challenging time. Our cloud-based infrastructure and ongoing investments in tools, technology and business continuity ensure that we can continue to deliver efficient service – when and where you need it.
As of today, the 45-day “Identification Period” and 180-day “Exchange Period” time frames relating to Section 1031 have not been extended, as this is authorized only by a Presidentially Declared Disaster (as opposed to the National State of Emergency declared by President Trump on March 13). If you are in the midst of a 1031 Exchange or plan to initiate one soon, note that these standard time frames currently apply. We will keep you apprised of any changes.
- We understand that you may have questions and concerns about conducting your real estate evaluations and closings while minimizing your health risks, and we wish to provide appropriate information and guidance.
- If closing remotely, i.e. from your residence, is something you wish to consider, please contact your closer/escrow officer/title company to see if this is a service they offer, and at what cost. You may also want to ask about available options for notarizing documents as required (ERG does not require a notary for any 1031 Exchange documentation).
- Please contact your closer for information regarding the recording of deeds and finalizing of loans, if applicable. Some city and county government offices are currently closed, while others are working with reduced on-site staff, which may impact various aspects of your real estate transactions.
- ERG normally provides 1031 Exchange documents and instructions to each client and their closer via email, and we do not require original signatures in return. Rather, we ask the closer to include our documents with their other closing documents and to remit executed copies to us electronically.
Some of our team members may be assisting you remotely, but we are committed to providing service excellence without interruption. Please reach out with any questions or concerns and let us know how we can be of assistance.
The ERG Team