1. SALE PHASE  —  Owner conveys relinquished property to buyer. In consideration for owner's property, buyer transfers cash to a segregated, insured escrow account controlled by NYDEC on behalf of owner.

2. PURCHASE PHASE  —  NYDEC transfers cash to seller of replacement property. In consideration for these funds, seller transfers replacement property to owner.

This diagram illustrates that through the use of a Qualified Intermediary, "direct deeding" eliminates double transfers. Correspondingly, duplication of fees and transfer taxes are eliminated.

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