First American Financial Corp., a provider of title, settlement, and risk solutions for real estate transactions, said Thursday it has acquired the assets of 1031 Solutions LLC. Terms of the transaction were not disclosed.
1031 Solutions is a full-service 1031 exchange company that provides qualified intermediary services for real estate exchanges, including reverse and improvement exchanges, to attorneys, tax advisors, real estate professionals and investors, First American said.
According to Investopedia.com, a 1031 exchange is a swap of one real estate investment property for another that allows capital gains taxes to be deferred. The term gets its name from Section 1031 of the Internal Revenue Code.
The companies did not say how many people are employed by 1031 Solutions, but said all employees will be retained. In addition, 1031 Solutions will be “positioned under the First American Exchange Co. brand,” the company said.
“We are pleased to welcome 1031 Solutions and its deep expertise to the First American family,” said Julie Baird, president of First American Exchange Co. “The addition of 1031 Solutions will augment our ongoing efforts to offer customers in the Rocky Mountain region and surrounding markets superior service, and we’re looking forward to pursuing new opportunities for growth.”
Based in Boulder, Colo., and founded in 2002, 1031 Solutions’ staff has more than 50 years combined experience facilitating 1031 tax-deferred exchanges. 1031 Solutions’ founders Richard and Linda Levy will assist with the transition of the business and customer relationships, First American said.
“Joining First American will provide new opportunities to serve our customers,” Richard Levy said. “We’re also pleased our staff will join a company that shares a similar employee-centric culture, which is reflected in First American's being named one of the 100 Best Companies to Work For by Great Place to Work and Fortune magazine for the seventh consecutive year.”
Based in Santa Ana, Calif., First American Financial Corp. had total revenue of $9.2 billion in 2021. It offers its products and services directly and through its agents throughout the U.S. and abroad.
