1031 Exchange after the 45 days

[Kelly Magreevy]

Hi! I am working with an investor who has sold a property and is now looking to buy a property to do an exchange. He identified 3 properties within the 45 days and now the deadline is past. But now, none of those properties that he identified are going to work for him. He is past the 45 days and has found another property he wants to add/substitute. How can he do this and has anyone ever done this before. Thanks for your help with this!

[Christopher Phillips]

@Kelly Magreevy

The 45 days are cast in stone. A person can make exchanges on the list during the 45 calendar days up until midnight on the last day.

If a seller waits until the last minute in a fast moving market, this is a big possibility of this scenario happening. It's usually advised not to wait until the last minute to get a property under contract to avoid these situations.

Did your client speak with the intermediary about the situation?