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Updated about 7 years ago, 09/18/2017
1031 Exchange Disrupted by Hurricane
Hello BP,
My 45 day selection period was disrupted by hurricane Irma. Furthermore, the property I was getting ready to close on last week may fail re-inspection in which case I may have to move forward with another property. This means, I may need more time beyond the 45 days. All the properties I identified are no longer available.
The obvious solution is to use the 180 days for all hurricane repairs to be completed prior to closing etc etc. I know this, but the seller is a hard head and I don't want to rely on a difficult seller to make my 1031 transaction a success.
So my question is, are there any 'force majeure' clauses that kick in to extend the 45 day selection period given there was a natural disaster in the area? I have been googling all day and my 1031 agent is lost on this and is pressuring me to identify additional properties in the next week before my 45 day identification window closes.
Any help regarding this would be greatly appreciated, thanks.