To do an Exchange, you need to keep in mind there are two very important time restrictions: the 45-day identification period and the 180-day exchange period. When you violate one of these time periods, your exchange fails. These time restrictions are carved in stone. The only exception is in the event of a natural disaster and the federal government issues an extension.
Your total exchange period is 180 days from the date the warranty deed recorded on your relinquished property(ies) in a delayed exchange or on your replacement property(ies) in a Reverse Exchange, when the EAT is taking title. To complete your exchange, you must have a recorded warranty deed to complete your exchange before midnight of the 180th day. In some cases, you will need to file for an extension for filing your income tax return in order to receive the entire 180 days in a delayed exchange. From the date of recording of the Warranty Deed on your initial property(ies), the 45-day identification period begins.
From that time, you have only 45 days to identify in writing to your Accommodator, the property or properties you wish to purchase, or sell, to complete your exchange. The trick is complying with the strict rules in completing your identification notice. As your Accommodator (Intermediary), we can instruct and help you comply with those rules.