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Home > Property Insurance Coverage > Title Insurance > Larson Abstract Company, Inc.
Larson Abstract Company, Inc.
Larson Abstract has been in business for 81 years. Fred Larson started the abstract business in the Morrison County Courthouse in 1923. Larson Abstract Company, Inc. is the oldest and largest title company in the Morrison County area.
Larson Abstract is always ready to help you with your real estate needs with their many years of experience and knowledge, they will make sure your title and closing needs are met in a professional, quick and accurate fashion.
Their Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults.
An exchange involves an individual who desires to sell property and replace it with like kind property. Larson Abstract Company works with Central Exchange Company to handle your exchange requirements and process. The like kind provision for Real Property is quite broad, and includes land, rental, and business property. Any of which, can be exchanged for the other. The like kind provision for Personal property is more restrictive.
Their 1031 exchange allows investors to reinvest their capital in the most advantageous like kind investment while deferring the capital gains, depreciation recapture and state income tax consequences. It provides that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment if the property is exchanged solely for property of like kind that is to be held wither for productive use in a trade or business or for investment.
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