{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-800.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-800.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-800.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-800.html"}],"law_id":370030,"edition_id":2,"section_id":370030,"structure_id":52700,"section_number":"55.1-800","catch_line":"Definitions","history":"2010, c. 409, \u00a7 55-525.1; 2019, c. 712.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\n\t\t“Affiliated with” means that a person directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the other specified person.\n\n\t\t“Change in control” means any transfer within 12 months of more than 50 percent of the assets or ownership interests, direct or indirect, of the exchange facilitator.\n\n\t\t“Commingle” means to mix together exchange funds with operating and other nonexchange funds belonging to or under control of the exchange facilitator in such a manner that a client’s exchange funds cannot be distinguished from operating or other nonexchange funds belonging to or under control of the exchange facilitator.\n\n\t\t“Deposit account” means a demand, time, savings, passbook, money market, certificate of deposit, or similar account maintained with a financial institution.\n\n\t\t“Exchange Accommodation Titleholder” or “EAT” has the same meaning ascribed thereto in IRS Revenue Procedure 2000-37.\n\n\t\t“Exchange client” means the taxpayer with whom the exchange facilitator enters into an agreement described in subdivision 1 of the definition of “exchange facilitator.”\n\n\t\t“Exchange facilitator” means a person that:\n\n1\n\nFor a fee facilitates an exchange of like-kind property by entering into an agreement with a taxpayer:\n\t\t\ta. By which the exchange facilitator acquires from such taxpayer the contractual rights to sell such taxpayer’s relinquished property located in the Commonwealth and transfer a replacement property to such taxpayer as a qualified intermediary as that term is defined under Treasury Regulation § 1.1031(k)-1(g)(4);\n\n\t\t\tb. To take title to a property located in the Commonwealth as an Exchange Accommodation Titleholder; or\n\n\t\t\tc. To act as a qualified trustee or qualified escrow holder as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), except as otherwise provided in this definition; or\n\n2\n\nMaintains an office in the Commonwealth for the purpose of soliciting business as an exchange facilitator.\n\t\t\t“Exchange facilitator” does not include (i) the taxpayer or disqualified person as that term is defined under Treasury Regulation § 1.1031(k)-1(k) seeking to qualify for the nonrecognition provisions of Internal Revenue Code § 1031; (ii) any financial institution or any title insurance company, underwritten title company, or escrow company that is merely acting as a depository for exchange funds or that is acting solely as a qualified escrow holder or qualified trustee as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), and is not otherwise facilitating exchanges; (iii) a person who advertises for and teaches seminars or classes or otherwise gives presentations to attorneys, accountants, real estate professionals, tax professionals, or other professionals where the primary purpose is to teach the professionals about tax deferred exchanges or train them to act as exchange facilitators; or (iv) an entity that is wholly owned by an exchange facilitator or that is wholly owned by the same person as the exchange facilitator and is used by such entity to facilitate exchanges or to take title to property in the Commonwealth as an EAT.\n\n\t\t\t“Exchange funds” means the funds received by the exchange facilitator from or on behalf of the exchange client for the purpose of facilitating an exchange of like-kind property.\n\n\t\t\t“Fee” means, for purposes of subdivision 1 of the definition of “exchange facilitator,” compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person or a related person as described in Internal Revenue Code § 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property under Internal Revenue Code § 1031.\n\n\t\t\t“Financial institution” means any bank, credit union, savings and loan association, savings bank, or trust company chartered under the laws of the Commonwealth or the United States whose accounts are insured by the full faith and credit of the United States of America, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or other similar or successor programs and any direct or indirect subsidiary of such bank, credit union, savings and loan association, savings bank, or trust company.\n\n\t\t\t“Person” means, in addition to the singular, persons, groups of persons, cooperative associations, limited liability companies, firms, partnerships, corporations, or other legal entities and includes the agents and employees of any such person.\n\n\t\t\t“Transferee” means the party or parties to whom the ownership or control of the exchange facilitator has been transferred.\n\n","order_by":null,"text":{"0":{"id":1380446,"text":"As used in this chapter, unless the context requires a different meaning:\t\t“Affiliated with” means that a person directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the other specified person.\t\t“Change in control” means any transfer within 12 months of more than 50 percent of the assets or ownership interests, direct or indirect, of the exchange facilitator.\t\t“Commingle” means to mix together exchange funds with operating and other nonexchange funds belonging to or under control of the exchange facilitator in such a manner that a client’s exchange funds cannot be distinguished from operating or other nonexchange funds belonging to or under control of the exchange facilitator.\t\t“Deposit account” means a demand, time, savings, passbook, money market, certificate of deposit, or similar account maintained with a financial institution.\t\t“Exchange Accommodation Titleholder” or “EAT” has the same meaning ascribed thereto in IRS Revenue Procedure 2000-37.\t\t“Exchange client” means the taxpayer with whom the exchange facilitator enters into an agreement described in subdivision 1 of the definition of “exchange facilitator.”\t\t“Exchange facilitator” means a person that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1380447,"text":"For a fee facilitates an exchange of like-kind property by entering into an agreement with a taxpayer:\n\t\t\ta. By which the exchange facilitator acquires from such taxpayer the contractual rights to sell such taxpayer’s relinquished property located in the Commonwealth and transfer a replacement property to such taxpayer as a qualified intermediary as that term is defined under Treasury Regulation § 1.1031(k)-1(g)(4);\t\t\tb. To take title to a property located in the Commonwealth as an Exchange Accommodation Titleholder; or\t\t\tc. To act as a qualified trustee or qualified escrow holder as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), except as otherwise provided in this definition; or","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1380448,"text":"Maintains an office in the Commonwealth for the purpose of soliciting business as an exchange facilitator.\n\t\t\t“Exchange facilitator” does not include (i) the taxpayer or disqualified person as that term is defined under Treasury Regulation § 1.1031(k)-1(k) seeking to qualify for the nonrecognition provisions of Internal Revenue Code § 1031; (ii) any financial institution or any title insurance company, underwritten title company, or escrow company that is merely acting as a depository for exchange funds or that is acting solely as a qualified escrow holder or qualified trustee as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), and is not otherwise facilitating exchanges; (iii) a person who advertises for and teaches seminars or classes or otherwise gives presentations to attorneys, accountants, real estate professionals, tax professionals, or other professionals where the primary purpose is to teach the professionals about tax deferred exchanges or train them to act as exchange facilitators; or (iv) an entity that is wholly owned by an exchange facilitator or that is wholly owned by the same person as the exchange facilitator and is used by such entity to facilitate exchanges or to take title to property in the Commonwealth as an EAT.\t\t\t“Exchange funds” means the funds received by the exchange facilitator from or on behalf of the exchange client for the purpose of facilitating an exchange of like-kind property.\t\t\t“Fee” means, for purposes of subdivision 1 of the definition of “exchange facilitator,” compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person or a related person as described in Internal Revenue Code § 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property under Internal Revenue Code § 1031.\t\t\t“Financial institution” means any bank, credit union, savings and loan association, savings bank, or trust company chartered under the laws of the Commonwealth or the United States whose accounts are insured by the full faith and credit of the United States of America, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or other similar or successor programs and any direct or indirect subsidiary of such bank, credit union, savings and loan association, savings bank, or trust company.\t\t\t“Person” means, in addition to the singular, persons, groups of persons, cooperative associations, limited liability companies, firms, partnerships, corporations, or other legal entities and includes the agents and employees of any such person.\t\t\t“Transferee” means the party or parties to whom the ownership or control of the exchange facilitator has been transferred.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":52700,"edition_id":2,"name":"Exchange Facilitators Act","identifier":"8","label":"chapter","depth":3,"order_by":3,"parent_id":52604,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 03:03:23","date_modified":"2026-08-02 12:35:24","permalink":{"id":1472821,"object_type":"structure","relational_id":52700,"identifier":"8","token":"55.1\/II\/8","url":"\/55.1\/II\/8\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52604,"edition_id":2,"name":"Real Estate Settlements and Recordation","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":52600,"metadata":{"child_laws":121,"child_structures":14},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:22","permalink":{"id":1472371,"object_type":"structure","relational_id":52604,"identifier":"II","token":"55.1\/II","url":"\/55.1\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52600,"edition_id":2,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":120,"parent_id":null,"metadata":{"child_laws":875,"child_structures":101},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:20","permalink":{"id":1471771,"object_type":"structure","relational_id":52600,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370030,"structure_id":52700,"section_number":"55.1-800","catch_line":"Definitions","url":"\/55.1-800\/","token":"55.1\/II\/8\/55.1-800","metadata":false},{"id":370031,"structure_id":52700,"section_number":"55.1-801","catch_line":"Change in control","url":"\/55.1-801\/","token":"55.1\/II\/8\/55.1-801","metadata":false},{"id":370032,"structure_id":52700,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","url":"\/55.1-802\/","token":"55.1\/II\/8\/55.1-802","metadata":false},{"id":370033,"structure_id":52700,"section_number":"55.1-803","catch_line":"Errors and omissions insurance; cash or letters of credit","url":"\/55.1-803\/","token":"55.1\/II\/8\/55.1-803","metadata":false},{"id":370034,"structure_id":52700,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","url":"\/55.1-804\/","token":"55.1\/II\/8\/55.1-804","metadata":false},{"id":370035,"structure_id":52700,"section_number":"55.1-805","catch_line":"Prohibited acts","url":"\/55.1-805\/","token":"55.1\/II\/8\/55.1-805","metadata":false},{"id":370036,"structure_id":52700,"section_number":"55.1-806","catch_line":"Penalty; attorney fees","url":"\/55.1-806\/","token":"55.1\/II\/8\/55.1-806","metadata":false}],"next_section":{"id":370031,"structure_id":52700,"section_number":"55.1-801","catch_line":"Change in control","url":"\/55.1-801\/","token":"55.1\/II\/8\/55.1-801","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-800\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 409<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1472823,"object_type":"law","relational_id":370030,"identifier":"55.1-800","token":"55.1\/II\/8\/55.1-800","url":"\/55.1-800\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-800\/","token":"55.1\/II\/8\/55.1-800","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-800","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:

\t\t“Affiliated with<\/span>” means that a person<\/span> directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the other specified person<\/span>.

\t\t“Change in control<\/span>” means any transfer within 12 months of more than 50 percent of the assets<\/span> or ownership interests, direct or indirect, of the exchange facilitator<\/span>.

\t\t“Commingle<\/span>” means to mix together exchange funds<\/span> with operating and other nonexchange funds belonging to or under control of the exchange facilitator<\/span> in such a manner that a client’s exchange funds<\/span> cannot be distinguished from operating or other nonexchange funds belonging to or under control of the exchange facilitator<\/span>.

\t\t“Deposit account<\/span>” means a demand, time, savings, passbook, money market, certificate of deposit, or similar account maintained with a financial institution<\/span>.

\t\t“Exchange Accommodation Titleholder” or “EAT” has the same meaning ascribed thereto in IRS Revenue Procedure 2000-37.

\t\t“Exchange client<\/span>” means the taxpayer with whom the exchange facilitator<\/span> enters into an agreement described in subdivision 1 of the definition of “exchange facilitator<\/span>.”

\t\t“Exchange facilitator<\/span>” means a person<\/span> that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For a fee facilitates an exchange of like-kind property by entering into an agreement with a taxpayer:\n\t\t\ta. By which the exchange facilitator<\/span> acquires from such taxpayer the contractual rights to sell such taxpayer’s relinquished property located in the Commonwealth and transfer a replacement property to such taxpayer as a qualified intermediary as that term is defined under Treasury Regulation § 1.1031(k)-1(g)(4);

\t\t\tb. To take title to a property located in the Commonwealth as an Exchange Accommodation Titleholder; or

\t\t\tc. To act as a qualified trustee or qualified escrow holder as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), except as otherwise provided in this definition; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Maintains an office in the Commonwealth for the purpose of soliciting business as an exchange facilitator<\/span>.\n\t\t\t“Exchange facilitator<\/span>” does not include (i) the taxpayer or disqualified person<\/span> as that term is defined under Treasury Regulation § 1.1031(k)-1(k) seeking to qualify for the nonrecognition provisions of Internal Revenue Code § 1031; (ii) any financial institution<\/span> or any title insurance company, underwritten title company, or escrow company that is merely acting as a depository for exchange funds<\/span> or that is acting solely as a qualified escrow holder or qualified trustee as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3), and is not otherwise facilitating exchanges; (iii) a person<\/span> who advertises for and teaches seminars or classes or otherwise gives presentations to attorneys, accountants, real estate professionals, tax professionals, or other professionals where the primary purpose is to teach the professionals about tax deferred exchanges or train them to act as exchange facilitators<\/span>; or (iv) an entity that is wholly owned by an exchange facilitator<\/span> or that is wholly owned by the same person<\/span> as the exchange facilitator<\/span> and is used by such entity to facilitate exchanges or to take title to property in the Commonwealth as an EAT.

\t\t\t“Exchange funds<\/span>” means the funds received by the exchange facilitator<\/span> from or on behalf of the exchange client<\/span> for the purpose of facilitating an exchange of like-kind property.

\t\t\t“Fee” means, for purposes of subdivision 1 of the definition of “exchange facilitator<\/span>,” compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person<\/span> or a related person<\/span> as described in Internal Revenue Code § 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property under Internal Revenue Code § 1031.

\t\t\t“Financial institution<\/span>” means any bank, credit union, savings and loan association, savings bank, or trust company chartered under the laws<\/span> of the Commonwealth or the United States whose accounts are insured by the full faith and credit of the United States of America, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or other similar or successor programs and any direct or indirect subsidiary of such bank, credit union, savings and loan association, savings bank, or trust company.

\t\t\t“Person<\/span>” means, in addition to the singular, persons<\/span>, groups of persons<\/span>, cooperative associations, limited liability companies, firms, partnerships, corporations, or other legal entities and includes the agents and employees of any such person<\/span>.

\t\t\t“Transferee<\/span>” means the party<\/span> or parties to whom the ownership or control of the exchange facilitator<\/span> has been transferred. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 55.1-800)\n\nAs used in this chapter, unless the context requires a different\nmeaning:\t\t“Affiliated with” means that a person directly, or\nindirectly through one or more intermediaries, controls, or is controlled by, or\nis under common control with, the other specified person.\t\t“Change in\ncontrol” means any transfer within 12 months of more than 50 percent of\nthe assets or ownership interests, direct or indirect, of the exchange\nfacilitator.\t\t“Commingle” means to mix together exchange funds with\noperating and other nonexchange funds belonging to or under control of the\nexchange facilitator in such a manner that a client’s exchange funds\ncannot be distinguished from operating or other nonexchange funds belonging to\nor under control of the exchange facilitator.\t\t“Deposit account” \nmeans a demand, time, savings, passbook, money market, certificate of deposit,\nor similar account maintained with a financial institution.\t\t“Exchange\nAccommodation Titleholder” or “EAT” has the same meaning\nascribed thereto in IRS Revenue Procedure 2000-37.\t\t“Exchange\nclient” means the taxpayer with whom the exchange facilitator enters into\nan agreement described in subdivision 1 of the definition of “exchange\nfacilitator.”\t\t“Exchange facilitator” means a person that:\n\n1. For a fee facilitates an exchange of like-kind property by entering into an\nagreement with a taxpayer:\n\t\t\ta. By which the exchange facilitator acquires from such taxpayer the\ncontractual rights to sell such taxpayer’s relinquished property located\nin the Commonwealth and transfer a replacement property to such taxpayer as a\nqualified intermediary as that term is defined under Treasury Regulation §\n1.1031(k)-1(g)(4);\t\t\tb. To take title to a property located in the Commonwealth\nas an Exchange Accommodation Titleholder; or\t\t\tc. To act as a qualified trustee\nor qualified escrow holder as those terms are defined under Treasury Regulation\n§ 1.1031(k)-1(g)(3), except as otherwise provided in this definition; or\n\n2. Maintains an office in the Commonwealth for the purpose of soliciting\nbusiness as an exchange facilitator.\n\t\t\t“Exchange facilitator” does not include (i) the taxpayer or\ndisqualified person as that term is defined under Treasury Regulation §\n1.1031(k)-1(k) seeking to qualify for the nonrecognition provisions of Internal\nRevenue Code § 1031; (ii) any financial institution or any title insurance\ncompany, underwritten title company, or escrow company that is merely acting as\na depository for exchange funds or that is acting solely as a qualified escrow\nholder or qualified trustee as those terms are defined under Treasury Regulation\n§ 1.1031(k)-1(g)(3), and is not otherwise facilitating exchanges; (iii) a\nperson who advertises for and teaches seminars or classes or otherwise gives\npresentations to attorneys, accountants, real estate professionals, tax\nprofessionals, or other professionals where the primary purpose is to teach the\nprofessionals about tax deferred exchanges or train them to act as exchange\nfacilitators; or (iv) an entity that is wholly owned by an exchange facilitator\nor that is wholly owned by the same person as the exchange facilitator and is\nused by such entity to facilitate exchanges or to take title to property in the\nCommonwealth as an EAT.\t\t\t“Exchange funds” means the funds received\nby the exchange facilitator from or on behalf of the exchange client for the\npurpose of facilitating an exchange of like-kind property.\t\t\t“Fee” \nmeans, for purposes of subdivision 1 of the definition of “exchange\nfacilitator,” compensation of any nature, direct or indirect, monetary or\nin-kind, that is received by a person or a related person as described in\nInternal Revenue Code § 267(b) or 707(b) for any services relating to or\nincidental to the exchange of like-kind property under Internal Revenue Code\n§ 1031.\t\t\t“Financial institution” means any bank, credit\nunion, savings and loan association, savings bank, or trust company chartered\nunder the laws of the Commonwealth or the United States whose accounts are\ninsured by the full faith and credit of the United States of America, the\nFederal Deposit Insurance Corporation, the National Credit Union Share Insurance\nFund, or other similar or successor programs and any direct or indirect\nsubsidiary of such bank, credit union, savings and loan association, savings\nbank, or trust company.\t\t\t“Person” means, in addition to the\nsingular, persons, groups of persons, cooperative associations, limited\nliability companies, firms, partnerships, corporations, or other legal entities\nand includes the agents and employees of any such\nperson.\t\t\t“Transferee” means the party or parties to whom the\nownership or control of the exchange facilitator has been transferred.\n\nHISTORY: 2010, c. 409, \u00a7 55-525.1; 2019, c. 712.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}