October 14, 2005

Our thanks to SMS for its sponsorship of this issue of Downdate - SMS is an established leader in automating title and escrow companies through software and services that streamline the escrow, closing and title production process.
 

Since the dawn of the tax deferred exchange it has been a well known fact that any cash received or debt relieved in the course of a § 1031 exchange is considered “boot” and is subject to taxation.  Refinancing with a third party lender may be just the vehicle to bend that rule. Equity does not have to be held captive by § 1031.

Prior to the adoption of the final regulations in 1991, the Internal Revenue Service was confronted with this very issue and proposed an amendment to Reg. § 1.1031(b)-1(c). This proposed amendment, however, landed on the cutting room floor after it was determined that drawing a hard line such as this would actually create “substantial uncertainty in the tax results of exchanges”. Consequently, the answer has been left up to interpretation on a case by case basis.

There are two times in the § 1031 context that a taxpayer might consider refinancing his property. Each will be addressed independently. Click here for full article.

 

The next TLTA Board of Directors meeting will be on Friday, October 21, 2005 at 1:00 p.m. The meeting will be held at the Marriott Austin South Airport Hotel. Take advantage of the opportunity to see your association at work by attending a board meeting. Contact Leslie Midgley at 512.472.6593 for more information.

The TLTA Board of Directors, Committee Chairs and members of the Section Executive Committees met this July for their annual planning and orientation meeting.  In addition to the quarterly board meeting and attending to association business, they discussed goals for the year, reviewed the Association’s strategic plan and received leadership training.  They also took some time to relax and get to know one another.

Immediate Past President Terry Grantham made a special award presentation to Mr. Robert Sneed during the TLTA summer meeting This award was presented to Mr. Sneed, TLTA’s longtime general counsel, in recognition of his years of service to the Association.







TLTA Counsel Tom Rutledge (l), Robert Sneed (c)
and Terry Grantham (r) show off Mr. Sneed's award.
 

Congratulations to TLTA's Executive Vice President, Leslie Midgley
Leslie was installed as 2005-2006 Chairman of the Texas Society of Association Executives (TSAE) at their annual conference held in Galveston in September. She has been a member of TSAE since 1982 and has served on and chaired numerous committees during that time. She has been a member of their Board of Directors since 1999.

TSAE is the professional association for persons engaged in the management of voluntary trade and professional organizations in Texas. Their membership represents over 600 Texas-based associations as well as 500 corporations and firms that provide services to the association management industry.
 

Many of our members evacuated and relocated to other parts of the state as a result of damage from Hurricane Rita.  Fortunately for our Houston and Galveston members the reports following the storm are more positive than originally expected.  Unfortunately for others, the outcome was not as good.  President Bush declared the following counties national disaster areas:  Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker. These counties are home to offices of many of our members. Click here for additional information






TLTA staff members Paula Thomas and Lynne Daves
volunteered to assist with hurricane relief efforts at the
Salvation Army in Austin on September 29.

 

Become an Individual Member today and be eligible to win a Plasma TV!   Individual Membership provides a way for everyone to be a part of this association and at the same time it allows us to bring thousands of title industry voices together to create one powerful statement.   And as a bonus, all new and current individual members will be eligible to win a Plasma TV in a drawing that will be held in May 2006. Check the TLTA Web site at www.tlta.com for more details.

Join our Circle of Stars!  A grassroots campaign has been developed to spread the word about becoming a TLTA Individual Member. We're hoping to increase our ranks this year, and to do that we need your help. We have developed the "Circle of Stars" to recognize those of you who recruit 10 or more Individual Members. Each TLTA "Star" will be added to the Circle of Stars page on the TLTA Web site. (Click here to see our current Circle of Stars.) The person who recruits the most Individual Members during the year will be recognized with the “Super Star Award” at the 2006 Annual Conference.

Click here for more information about the program and about the benefits of becoming an Individual Member.

SUZIE LOPEZ NAMED VICE PRESIDENT/BRANCH MANAGER OF RATTIKIN TITLE NORTHWEST OFFICE
Fort Worth (September 13, 2005)  Rattikin Title announces that Susie Lopez will assume the role of Vice President/Branch Manager of the firm’s Northwest Office effective September 1^st.

Lopez has more than eight years experience in the title industry and brings her extensive closing experience and bilingual abilities to the position. She will oversee all commercial and residential transactions at the Northwest Office.

“We have always taken pride in our hiring process---taking time to ferret out just the right individuals for the tasks at hand---and this is no exception,” explained Jack Rattikin III, President & CEO of Rattikin Title.  “Susie Lopez is a consummate professional and a true team player. The company is lucky to have such an outstanding professional on our team.”

BEACH JOINS REIData INC. AS SENIOR VICE PRESIDENT OF TITLE PLANT SERVICES
HOUSTON (Sept. 30, 2005) – Kevin J. Beach has joined REIData Inc. as senior vice president of title plant services, managing products and services provided to title companies for title databases, real estate taxes and document imaging, as well as leading and coordinating efforts to expand the company’s title plant services business.

Beach has more than 28 years experience in real estate information and title insurance systems and services. He has a solid background in general management, business development, marketing and sales, and strategic management for such companies as DataTrace, Chicago Title Insurance Co. and Security Union Title. Beach most recently worked as vice president of business development for NextAce Corp. Beach has a bachelor’s degree in information systems from the University of San Francisco. He will be based at the REIData offices in San Antonio, Texas.

 

COMING UP ON THE EDUCATION SCHEDULE

October 19, 2005 (Wednesday)

Right Rules, Correct Calculations Workshop

Marriott Austin South Airport
 

October 20-21, 2005 (Thursday/Friday)
Central Texas Regional Seminar

Marriott Austin South Airport
 

November 15, 2005

Selling Title Insurance: Are Basic Coverages Enough?
What the Consumer Needs to Know

DFW Airport - Irving
 

November 16-17, 2005

North East Texas Regional Seminar
Sheraton Grand Hotel

DFW Airport - Irving
 

December 1-2, 2005  (Thursday/Friday)
TEXAS LAND TITLE INSTITUTE
Hyatt Regency Hill Country Resort

San Antonio

Click here to register online or download a registration form

Please welcome our newest TLTA members! Since August 2005 we have added 15 active and 7 associate members. Click here for a list of new members.

tlta-bay 
We're planning to offer lots of treats (and maybe a few tricks) to TLTA members at the re-vamped TLTAPAC Online Auction  that will begin October 31. This event has traditionally been held during the TLTA Annual Conference, but we felt that even more members could participate by making the auction an ONLINE event. Now, all TLTA members will have the opportunity to bid on a great selection of incredible items. Click here to check out a few of the tempting treats that have already been donated. This is a great way to support the PAC. All proceeds from the auction will benefit our legislative efforts.
 

MOVING? CHANGING JOBS? In this mobile society of ours, we know your personal and professional information changes frequently. We would like to keep pace with those changes as well as ensure that you're not missing out on any of TLTA's communication to members. Please send us your new information and we'll make sure our membership database is updated. Just send an e-mail to membership@tlta.com and we'll do the rest!