The steps for the Multi-Property and Multi-party 1031 exchange are the same as the delayed 1031 exchange except that:

1. There are either multiple sales of relinquished properties (1^st leg documents) or multiple purchases of replacement properties (2^nd leg documents) or both. This means additional contract and closing agents details will need to be supplied by the taxpayer and there are additional costs associated with this process.
   
   
2. Multi-parties will not alter the exchange documents, but it is important to understand that if multiple parties are selling the property then those same parties must purchase the replacement property.
   
   
   1. There are some exceptions, please call for additional information.