GLOSSARY OF TERMS - Q
|QUALIFIED EXCHANGE ACCOMMODATION AGREEMENT (QEAA): |
The actual contract or agreement between an investor and the Exchange Accommodator Titleholder that outlines the terms for parking property pursuant to Revenue Procedure 2000-37.
|QUALIFIED INTERMEDIARY: |
The IRS requires the owner (the exchanger) of the relinquished property not be permitted to have control of the proceeds from the sale of their property (constructive receipt). To comply with this requirement it is necessary to contract a Qualified Intermediary (QI), or a similarly qualified party, to hold the proceeds and to 1) acquire the relinquished property from the taxpayer and transfer the property to the new buyer and 2) acquire the replacement property and transfers the replacement property to the taxpayer.
|QUALIFIED USE: |
An investor must intend to use the property in their trade or business, to hold the property for investment or to hold the property for income production in order to satisfy the qualified use test.
This Glossary of Commercial Real Estate Terms is provided for general understanding purposes. Readers should consult with their legal and/or accounting professionals for specific situations and questions. TM 1031 Exchange Inc. and its employees provide neither legal nor accounting services or advice.