When an offer to purchase your Relinquished Property is finalized, contact Black Hawk Exchange, Inc. and the following documents will be prepared:

• Exchange Agreement
• Assignment Agreement
• Notice of Assignment (signed by the buyer)
• Exchange Account Agreement

Note: all exchange documents need to be completed and signed before or at the closing for sale of the Relinquished Property.

Exchange Terminology

• 45-Day Identification Period begins with the closing on the sale of the Relinquished Property and requires the identification of Replacement Property by the 45th day  following the closing.
• The 180-Day Exchange Period runs concurrently with the 45-Day Identification Period and requires the acquisition of all desired identified Replacement Properties. Signing an Agreement of Sale is not sufficient. The Taxpayer must actually take legal and equitable ownership of the Replacement Property on or before the 180th day.
• 3 Property Rule – Three properties can be identified without any regard to the fair market value of the Relinquished Property.
• 200% Rule – Any number of properties can be identified so long as their aggregate fair market value does not exceed 200% of the aggregate fair market value of all Relinquished Properties.
• 95% Rule – if the value exceeds 200 percent, then 95 percent of what is identified must be purchased.

This information is not intended to replace qualified legal and/or tax advisers. Every taxpayer should review their specific transaction with their own legal and/or tax counsel.