Constructive Receipt: Qualified Intermediary: Any indirect control you have over the The individual or entity that manages the proceeds of the exchange. If you benefit in exchange and holds sale proceeds for any way from the proceeds (aside from the relinquished property (to avoid the exchanger purchase of replacement property), this having actual or constructive receipt) and title could be considered constructive receipt to the replacement property (again, to avoid and can jeopardize the taxdeferred nature receipt issues during the exchange). of the exchange. Relinquished Property: Relinquished Property: The old property the exchanger is getting rid of during the exchange. Replacement Property: The new property the exchanger will acquire during the exchange. Exchanger: The investor who is conducting the 1031 exchange for his or her own benefit. If you’re considering a 1031 exchange, please visit our website to learn more about the exchange process, our qualified intermediary services and how we can help you find and close on your next 1031 exchange property.