EXCHANGOR - The common term used for the entity or individual who wishes to participate in an I.R.C. Section 1031 Tax Deferred Exchange.
QUALIFIED INTERMEDIARY - Also known as a Facilitator or Accommodator, is the party who transfers property and receives proceeds.
RELINQUISHED PROPERTY - The property which the Exchangor currently owns and is going to exchange.
EXCHANGE CREDIT - The funds received from the transfer of the Exchangor's relinquished property.
REPLACEMENT PROPERTY - The property which the Exchangor acquires in the exchange.
LIKE KIND PROPERTY - Replacement property acquired in an exchange must be of "like kind" to the proeprty bein relinquished. All real property is of like kind, regardless of whether it is improved or unimproved, and regardless of the type of improvements.
BOOT - Non like kind property received by the Exchangor such as cash or a promissory note. Boot is taxable.