Time Limitations

Once the owner sells a 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 sale 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 on or before the 45th day after the start of the exchange 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 total sale price; or
3. Any number of properties at any value, provided all properties identified are actually purchased.