Definition
You have exactly 45 days from the closing date to identify replacement property in writing. This deadline is absolute with no extensions.
Not sure where this fits?
Answer a few questions and we’ll open the path that fits, at the right step.
Find my pathAbout this term
The seller has exactly 45 days from the closing date to identify replacement property in writing to the qualified intermediary. The identification doesn't require purchase offers, just written identification of specific properties. Failure to identify within 45 days disqualifies the exchange. Time extensions are not available.
Pro Tip
Begin property search before selling. The 45-day deadline comes quick.
Example
Property sells on January 1; replacement property must be identified by February 15 or exchange is void