the qualified intermediary must be in place prior to the closing of the sale. 

Hi @Grace Wang, It is never too late to set up a 1031 Exchange transaction with a Qualified Intermediary as long as the 1031 Exchange is set up and in place before you close on the sale of your relinquished property or the purchase of your replacement property.

@Pierre Royce, It would have been a very good opportunity for them to defer that 10 - 15K of tax into a new property via a 1031.Unfortunately, the qualified intermediary who administers the exchange must be in place prior to the closing of the sale.  

Seller, intermediary and buyer.

I am surprised your 1031 intermediary didn't say anything to you while you were making the purchases.

You must also reinvest 100% of your equity (cash proceeds) received by the Qualified Intermediary from the sale of your relinquished property.

You will want to make sure you have a qualified intermediary before you close to hold your funds!

The buyer should be using a Qualified Intermediary to handle his 1031 exchange, and the QI usually has the necessary paperwork.

That Qi (qualified intermediary) should handle all that for you and be your guide.  

Hi @Jackson Long, You must have someone functioning or serving as the Qualified Intermediary.