The two clocks in a 1031 exchange
Forty-five days to name the next property, 180 to buy it. What starts each clock, and what to have ready before you list.
A 1031 exchange has two deadlines, and both start on the same day: the day the property you're selling closes. Neither moves for weekends, holidays or a slow lender.
Before the sale
Choose a qualified intermediary and sign its exchange agreement before closing. If the sale proceeds reach your account, even for a day, the exchange is over. Put a cooperation clause in the sale contract so the buyer knows the contract will be assigned.
Day 45: identification
By midnight of the 45th day, you send the intermediary a signed list of the properties you might buy. Most people name up to three. Be specific: an address, or a legal description for land.
Day 180: the purchase
The replacement property has to close within 180 days of the sale, or by your tax return's due date if that comes first. Your CPA can file an extension to keep the full period.
- Pick the intermediary before you list
- Start the replacement search before the sale closes
- Name backups on the identification
- Tell your lender about the exchange early
Tax treatment depends on your own return. We handle the legal documents and the dates, alongside your CPA.