Easement is the right to use the real property of another for a specific purpose. The easement is itself a real property interest, but legal title to the underlying land is retained by the original owner for all other purposes. Typical easements are for access to another property, for utility or sewer lines both under and above ground, use of spring water, entry to make repairs on a fence or slide area, drive cattle across and other uses. Easements can be created by a deed to be recorded just like any real property interest.

The earliest of: (a) the day on which the taxpayer receives the replacement property pursuant to the replacement property contract (but not earlier than the 45th day after the beginning date); (b) the day (but not earlier than the 45th day after the beginning date) on which there occurs a material and substantial contingency that (i) relates to the deferred exchange, (ii) is provided for in writing and (iii) is beyond the control of the taxpayer and any disqualified person (as defined in Treasury Regulations Section 1­­.1031(k)‑1(k)) other than the person obligated to transfer the replacement property to the taxpayer under the replacement property contract; (c) the last day of the designation period if no replacement property has been identified by the taxpayer by the end of the designation period; or (d) the last day of the Exchange Period.

Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date. The seller retains legal title of the property prior to the date of conveyance of the property by deed upon the purchaser’s full and final payment due.

Enables investors to invest in an early-stage in exchange for an equity stake in the company. Investory minimums are typically $1000 or greater.

An escrow agreement provides for the placement of money or other assets in the control of an independent third party in order to protect the parties involved in a transaction. The funds or assets are held by the escrow agent until it receives the appropriate instructions or until predetermined contractual obligations contained in the escrow agreement have been fulfilled.

A person or entity having a fiduciary responsibility to all parties of an escrow agreement that holds property in custody for third parties until the terms of a contract are fulfilled, a transaction is finalized or a disagreement is resolved.

Escrow agent. A person or entity having a fiduciary responsibility to all parties of an escrow agreement that holds property in custody for third parties until the terms of a contract are fulfilled, a transaction is finalized or a disagreement is resolved.

Also referred to as an "EAT", is typically a special purpose, limited-liability company that is used to own the legal title to property that is being parked as part of a reverse exchange. An exchange accommodation titleholder may not be a disqualified person.

The account established by the taxpayer with a qualified intermediary to hold Exchange Funds and other amounts delivered by the taxpayer to a qualified intermediary as set forth in Paragraph 3.1(a) of this Agreement.

Agreement between the Exchanger and the Qualified Intermediary, establishing the Exchanger’s intent to complete a Like-Kind Exchange and detailing each party’s roles and responsibilities. The Exchange Agreement must detail the exchange in accordance with the deferred exchange regulations.

Proceeds received by the taxpayer from the transfer of the relinquished property pursuant to the relinquished property contract.

Interim time between the disposition of the relinquished property and the earlier of the following: (i) acquisition of all replacement properties by the taxpayer; (ii) after the 45 day identification period if an identification has not been made or any identified properties have been previously received by the taxpayer or revoked as identified properties; (iii) the 180th day thereafter; (iv) after the taxpayer’s deadline for filing its federal income tax return for the year in which the relinquished property was disposed in (including extensions). Note—The exchange period includes all weekends and holidays.

(“Exchangor” or “Taxpayer”) Person intending to conduct a 1031 tax deferred exchange, who transfers a relinquished property and thereafter receives a replacement property.