A Simultaneous Exchange is a deal that is extremely short-lived lasting only one day. The closing of the relinquished property and the closing of the replacement are executed concurrently. While in a Delayed Exchange the replacement property is bought subsequent to the closing of the relinquished property, a Reverse Exchange is just the opposite. The replacement is purchased prior to the selling of the relinquished; the Qualified Intermediary holds title until the taxpayer has sold the property. An Improvement Exchange is similar to the Reverse Exchange. The taxpayer acquires the replacement property for the purpose of making arrangements for construction before it is classified as a replacement. The Qualified Intermediary takes title of the land for the time being. Nonetheless, personal property must be exchanged for its mirror-image equivalent.