There must be a written "exchange agreement" between you and the QI to prevent you from having "constructive receipt" of the funds during the exchange period. Before closing of the sale of the Relinquished Property, the Taxpayer must enter into an exchange agreement with an Accommodator and the Buyer.Tell IPX1031 immediately if you plan to 1) use Exchange Funds to make improvements to the. Considering a 1031 Exchange?