Before the Relinquished Property Closes
Review ownership, qualifying use, basis questions, debt, expected equity, replacement goals, and who is already on the transaction team. An independent qualified intermediary generally needs to be engaged before the sale closes so the seller does not receive or control the proceeds.
The 45-Day Identification Period
The identification period begins when the relinquished property closes. Replacement property must be identified in a written notice that satisfies applicable requirements. The deadline does not pause for weekends or holidays, so the strongest searches begin before closing.
The 180-Day Exchange Period
The exchange generally must be completed by the earlier of 180 days after the relinquished-property transfer or the applicable tax-return due date, including extensions. The independent qualified intermediary, CPA, and attorney should confirm the actual calendar for the transaction.
Keep Diligence and Financing on the Same Calendar
Identification alone does not make a property closable. Title, inspections, leases, environmental review, insurance, financing, entity documents, offering materials, advisor questions, and backup choices need enough time to support a real closing.
Questions About 1031 Exchange Timeline
When does the 45-day period start?
It generally starts on the date the relinquished property transfers.
Can the 45-day deadline be extended?
Extensions are uncommon and generally depend on specific federally declared disaster relief or other narrow authority. Do not plan on an extension.
Does the 180-day period always last a full 180 days?
Not necessarily. The applicable tax-return due date can create an earlier deadline unless a valid extension is obtained.
Should I wait until closing to search?
No. Starting earlier can improve the replacement brief, financing readiness, diligence time, and backup planning.