Are you in 45 days period? Identify your Replacement properties

Lisa Taylor04 Feb, 2019Real Estate

According to the Section 1031 of IRC it is mandatory for an exchangor to “Identify replacement property within 45 days from the closing on the sale of the relinquished property.” This period is known as the “Identification Period”. You as an exchangor for 1031 Exchange are required by the law to provide in writing, prior to midnight on the 45th day (after the close of the first relinquished property) an “unambiguous description” of the potential replacement property.