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Simultaneous Exchange – both Relinquished and Replacement property is closed the same day.
- Relinquished (down-leg) and Replacement (up-leg) closing occur on the same day.
- Sometimes called the Back-to-back exchange.
- Proceeds can sometimes be wired directly from the closing escrow to the up-leg escrow (*which means no interest earned on proceeds; exchanger/escrow company pays us for the fee or we receive the proceeds the same day and wire the money the same day; sometimes called the In-N-Out exchange).
- Gather all docs ahead of time and get the estimated COE.
- Inform coordinator immediately once up-leg is identified so doc preparation is processed immediately.
- VERY IMPORTANT Timeliness is of the essence in this exchange!!
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