Posted by Ed Garcia on February 20, 2002 at 11:40:40:
John,
The replacement properties must be identified within 45 days after the sale of the
relinquished property. This requirement is strictly enforced, even if the 45th day
falls on a holiday. Identification must be in writing, signed and dated by the
exchanger and received by the QI no later than 45 days after the sale of the
relinquished property. Replacement property must be identified unambiguously.
Usually either a legal description or a mailing address is sufficient. Beware of an
exchange where a exchanger identifies a property in whole and then closes on
For information on 1031 exchanges, I would like to recommend that you go to http://www.1031X.com/ When you get there go to “Ask Us a Question” .
Ed Garcia