Steps in the Process

A 1031 Like-Kind Exchange must be completed within 180 days.  There are three basic steps to the process:

Step One:  Sale of Relinquished Property

Before the sale of the property, the property owner must retain a Qualified Intermediary, which acts as a fiduciary to receive the proceeds directly from the sale.

Step Two:  Identification of Replacement Property

Within 45 days of the sale, the property owner must identify the property or (properties) to be purchased.

Step Three:  Purchase of the Replacement Property

The property owner must close title on the replacement property within 180 days following the sale of the relinquished property.