When the relinquished property closes, there is a timeline in which the exchanger would need to identify possible replacement properties. As the exchanger, you have until midnight on the 45th day to provide in writing the probable replacement property. There are an additional 135 days to close on the replacement property and the exchange itself must be completed in 180 days.
45 - day identification period:
- With a 1031 exchange, you MUST identify potential replacement property within 45 days
180 – day acquisition period:
- The replacement property must be declared and acquired within 180 days of selling original property
Must use a Qualified Intermediary (QI):
- To qualify for a 1031 exchange, you must use a qualified intermediary (QI)
To learn more about the timeline and how you can qualify for a 1031 exchange, please give Exclusive Financial Resources a call at (980) 242-2533, email Louis Herford at LHerford@Exclusive1031.com or schedule a 15-minute discussion here.