The guidelines which property owners must follow in order to have a qualifying exchange under IRS Code Section 1031.

See Qualified Intermediary.

The person with cash or (or the ability to obtain cash) who wants to acquire Exchanger’s property.

Two closings wherein there will be a delay between the closing of the relinquished property and the subsequent closing of the replacement property. The delay may not exceed 180 days. Also referred to as a deferred exchange.

The owner of the investment property who wishes to accomplish a 1031 Exchange. Also referred to as a Investor or Taxpayer.

An exchange (deferred or simultaneous) whereby the investor exchanges down to a replacement property the cost of which is less than the net selling price of the relinquished property.

An exchange (deferred or simultaneous) whereby the investor exchanges up to a replacement property the cost of which is equal to or greater than the net selling price of the relinquished property.

The third party entity that handles the exchange. Also known as the Accommodator. An escrow company for exchanges.

A property owned by the investor, which he wishes to sell via a 1031 Exchange.

The new property that an investor wishes to acquire via the 1031 Exchange.

The owner of the replacement property that the taxpayer wishes to acquire via the 1031 Exchange.

Two closings which occur at or about the same time and often at the same place.