relinquished property

Definition of "relinquished property"
  1. Property sold by an investor in a 1031 exchange that is held in trust, typically by a neutral trustee, before it's used to purchase a replacement property
How to use "relinquished property" in a sentence
  1. The office building served as the relinquished property for the new shopping center.
  2. The funds from the relinquished property were held in trust until the replacement property's purchase.
  3. The investor's apartment complex was the relinquished property in his recent 1031 exchange.

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