As with any other specific area of real estate law, tax deferred exchanges under IRC §1031 have their own language. The following is a list of the most common exchange terms and phrases.

1. Boot-Any type of cash received in an exchange that is not "like-kind," such as cash. In an exchange, any funds not used to purchase the replacement property will be called boot and might be taxed.
2. Constructive Receipt-A term referring to the control of the proceeds by an Exchanger even though funds may not be directly in their possession.
3. Exchange Period-The period during which the Exchanger must acquire Replacement Property in the exchange.
4. Exchanger-The property owner(s) seeking to defer capital gain tax by utilizing an IRC §1031 exchange (The IRC uses the term "Taxpayer.")
5. Qualified Intermediary-The entity that facilitates the exchange for the Exchanger. Although the Treasury Regulations use the term "Qualified Intermediary," some companies use the term "facilitator" or "accommodator."
6. Relinquished Property-The property "sold" by the Exchanger. This is also sometimes referred to as the "exchange" property or the "downleg" property
7. Replacement Property-The property acquired by the Exchanger. This is sometimes referred to as the "acquisition" property or the "upleg" property
8. Identification Period-Period during which the Exchanger must identify Replacement Property in the exchange. The Identification Period starts on the date the Exchanger transfers the first Replacement Property and ends at midnight on the 45th day thereafter.