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A reverse exchange occurs when the taxpayer intends to make a like-kind exchange but, for some reason, acquires the replacement property before selling the relinquished property. The taxpayer may fear that replacement property vital to his business will be sold to another party. Perhaps the reverse exchange is the result of the buyer backing out of a previously arranged simultaneous exchange or the seller forcing a premature closing on the replacement property. In any event, the taxpayer completes the replacement leg of the exchange first. This is accomplished by using the buyer of the relinquished property or an outside party, known as an accommodator or intermediary, to purchase and hold title to the replacement property. At a later date in a separate transaction, the relinquished property is transferred to the buyer and the taxpayer receives the replacement property. The taxpayer typically provides a loan to the accommodator to fund the down payment on the replacement property. The property is usually financed with an assumable mortgage. When the taxpayer receives the replacement property, he assumes the mortgage. There are three types of reverse exchanges:
- Type 1: "Reverse regs." exchange.
- Type 2: "Biggs"(9) reverse exchange.
- Type 3: "Simple" reverse exchange.
- First transaction: The accommodator acquires the replacement property from the seller. The accommodator holds title to the replacement property while the taxpayer seeks a buyer for his relinquished property.
- Second transaction: At a later date, after identifying the buyer, the accommodator exchanges the replacement property for the taxpayer's relinquished property. The accommodator immediately sells the relinquished property to the buyer.
- Second transaction: At a later date, the buyer purchases the replacement property from the accommodator. The buyer then exchanges the replacement property for the taxpayer's relinquished property.