An exchange transaction that takes place where the title to the relinquished property flows from the exchanger to the facilitator and then to the buyer. On the replacement property, the title flows from the seller to the facilitator and then to the exchanger.

Property that's deeded to the Intermediary whereby the Intermediary deeds to the final owner.

The former practice of transferring or deeding title to the Exchangor's relinquished property to the Qualified Intermediary first and then sequentially and immediately transferring or deeding title from the Qualified Intermediary to the buyer in order to properly structure a tax-deferred, like-kind exchange prior to the issuance of Treasury Revenue Ruling 90-34. See Direct Deeding for the current day practice. Sequential deeding is used only in special tax-deferred, like-kind exchange transactions today that require special structuring.