See also 1031 Tax Deferred Exchange Information

1- Simultaneous - When both relinquished and replacement properties
     close escrow the same day.*

2- Delayed - After the relinquished has closed escrow, the replacement 
     property must be identified within the first 45 days, and purchased within
     180 days.

3- Reverse - Allows the purchase of the replacement property before the selling 
     of the relinquished property. The relinquished property must be identified within 
     45 days after escrow has closed on the purchase property, and must close 
     escrow no later than 180 days.*

4- Build to Suit - Allows the taxpayer to construct improvements on the
     replacement property during the course ofthe exchange.*

5- Personal Property - An Exchange involving personal property,(e.g. airplane 
     for an airplane, boat for a boat or a restaurant business for a restaurant 
     business), to be used for investment or the productive use in a trade or 
     business.*

* Each type of Exchange involves special rules and requirements promulgated from the IRS. An 
experienced Intermediary should be employed to facilitate such transactions to assure proper 
handling and tax deferralby the IRS. Remember, all 1031 Tax-Deferred Exchanges must be set up 
prior to the close of escrow. Please consult with your professional administrator at a Exchange 
Accomodater to discuss the details of your Exchange.