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Do You Know Time Limitations?

Exchange Basics

Time Limitations

Once the owner sells his property, the owner has 45 days from the date of the sale to identify new property(ies) to buy. Once the 45 days have expired, the identification may not be changed.

The owner has 180 days from the sate of the sale to purchase the replacement property(ies) identified.

In a reverse exchange, the owner has 45 days from the date of the purchase to identify the relinquished property(ies) to be sold and 180 days to consummate the sale.

Identification

The identification must be in writing and delivered to the QI or a disinterested third party.

The owner must identify in writing either:

  1. up to three (3) properties regardless of the price;
  2. any number of properties, the aggregate value of which is no greater than 2 times the sale proceeds. Multi-asset exchanges must use the 200% rule; or
  3. any number of properties at any value, provided whatever is identified must be actually purchased.

 
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