Simultaneous Exchange

An exchange in which the closing of the Exchange Property and the Replacement Property occur on the same day, usually back-to-back. There is no significant interval of time between the two closings. This type of exchange is covered by the Safe Harbor Regulations.

Delayed Exchange

(Also referred to as a "Starker exchange" - based upon the 1979 U.S. 9th Circuit Court of Appeals decision) An exchange where the Replacement Property is closed on at a later date than the closing of the Exchange Property. The exchange is delayed - not simultaneous or on the same day.

Reverse Exchange

In a Reverse Exchange ("Reverse Starker"), the Exchanger acquires the replacement property before conveying the relinquished property. These are used when individuals wish to exchange property they own for property which must be purchased prior to the sale of the relinquished property.

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