Step 2: Identification of the Replacement Property
The first of the two crucial timelines is the 45-day Identification Period. Within 45 days of the sale of the Relinquished Property, the Exchanger must identify in writing up to three Replacement Properties. We will
send you an identification form, complete with instructions, and it must be returned no later than midnight of the 45th day.
(Note: There are no extensions to this, even if the 45th day falls on a Saturday, Sunday, or holiday.

The following Rules of Identification apply:
The Three Property Rule: The Exchanger may identify up to three properties, without
regard to their value.

The 95% Rule: The Exchanger may identify any number of properties, without regard to their value,
provided the Exchanger acquires 95% of the fair market value of the properties identified.

The 200% Rule: The Exchanger may identify more than three properties, provided their combined fair
market value does not exceed 200% of value of the Relinquished Property.

Step 3: Close of Replacement Property
The second of the two deadlines is the 180-day Exchange Period. From the closing of the Relinquished
Property, the Exchanger has 180 days to acquire the title to the replacement property.

At the time of closing, Real Estate 1031 Exchange will wire the closing proceeds to the Settlement Agent.

This successfully completes the 131 Exchange!

Download our 1031 Checklist