Posted by Sarah Siracusa on 7/11/06 9:14pm
Msg #132525

Question about borrowers name being a number

I have a signing tonight that has the borrowers name as xxx(three letters and then 1031 after the letters. There is a signature line under it. The next line down has read and approved by and their name. What gets signed in the number line and who. All I have is the HUD. They have the docs so I havent seen them yet.

Reply by Becca_FL on 7/11/06 9:21pm
Msg #132527

Is this a 1031 exchange? This could very well be a typo. Let us know what happens.

Reply by PAW on 7/11/06 9:31pm
Msg #132534

Sounds like a signature by the exchange company, IXG1031, for example. The "BY" is a hint that the signature was prepared as a corporate signing, rather than an individual signing. (Just a guess on my part as I can't see the document in question.)

Reply by Sarah Siracusa on 7/12/06 12:00am
Msg #132595

Yes Paw you were right. That was the place for the exchange company to sign. Went to the signing and that is what they said. I had never run into this but the rest of the docs were just regular. Thank for your help.

Reply by BarbaraL_CA on 7/12/06 12:24am
Msg #132605

Teach me something....

What is an exchange company? I've never come across this before that I know of, and have never seen anything resembling "xxxnnnn".

Reply by Becca_FL on 7/12/06 12:33am
Msg #132609

Re: Teach me something....

A 1031 exchange is a tax deffered sale. Do a google to get the goods on the 1031.

Reply by BarbaraL_CA on 7/12/06 12:36am
Msg #132612

Thanks Becca! n/m

Reply by John_NorCal on 7/12/06 9:42am
Msg #132664

Re: Thanks Becca!

An exchange company acts as intermediary or "straw man" in a 1031 exchange. They will temporarily hold title to properties involved in a 1031 exchange so that there is no direct transfer of title thereby incurring tax liability.