45-Day ID for Reverse Exchanges

If you are engaged in a reverse exchange, you must identify potential Relinquished Property within 45 days of the close of the Replacement Property purchase. Keep the following in mind:

Deadlines are computed as follows: 1) the date of the acquisition of the Replacement Property is day #1, the ID period ends at midnight on the 45th calendar day, meaning that weekends and holidays are always counted.

It is very common for the Relinquished Property to be described and identified in the Qualified Exchange Accommodation Agreement (QEAA) that you enter into with the Accommodator and, if so, then no separate identification is needed.

However, if the ID requirements are not met in the QEAA and if you dispose of all the Relinquished Property for your exchange prior to the end of the 45th day, the Relinquished Property is/are deemed to be identified and no further explicit identification is required.

A Reverse Exchange 45-Day Identification Form can be either downloaded or submitted online:

PDF Download Web-version

The Web-version of the form allows it to submitted to ExStra online and there will be a valid time-stamp applied to each such submission. The PDF version must be downloaded, filled out and submitted either via FAX, email or delivered physically prior to the end of the 45-day ID period.

45-Day ID for Improvement Exchanges

If you are engaged in a reverse improvement exchange, you must identify potential Relinquished Property within 45 days of the close of the Replacement Property purchase and you can use the ID form specified for reverse exchanges earlier in this section.

If you are engaged in a deferred or forward improvement exchange, then you must identify the Replacement Property including the improvements that are being made to it during the exchange period. The description of the property being improved can be either an unambiguous street address or a legal description. The description of the improvements to be made should include as much descriptive detail as is practicable at the time the identification is made. It is not necessary for the improvements to be completed at the time ownership of them is transferred to you provided that the improvements

Also keep in mind that:

Deadlines are computed as follows: 1) the date of the acquisition of the Replacement Property is day #1, the ID period ends at midnight on the 45th calendar day, meaning that weekends and holidays are always counted.

It is very common for the Relinquished Property to be described and identified in the standard Qualified Exchange Accommodation Agreement (QEAA) that you enter into with the Accommodator and, if so, then no separate identification is needed.

A deferred improvement exchange 45-Day Identification Form can be either downloaded or submitted online:

PDF Download Web-version

The Web-version of the form allows it to submitted to ExStra online and there will be a valid time-stamp applied to each such submission. The PDF version must be downloaded, filled out and submitted either via FAX, email or delivered physically prior to the end of the 45-day ID period.

45-Day ID for Forward/Deferred Exchanges

If you are engaged in a forward or deferred exchange, you must identify potential Replacement Property within 45 days of the close of the Relinquished Property sale. Keep in mind the following:

Deadlines are computed as follows: 1) the date of the disposition of the Relinquished Property is day #1, the ID period ends at midnight on the 45th calendar day thereafter, meaning that weekends and holidays are always counted.

If you acquire all the Replacement Property for your exchange prior to the end of the 45th day, the Replacement Property is deemed to be identified and no explicit identification is required.

If you do not identify any Replacement Property in the 45-day ID period, the Accommodator is required by statue to return the cash proceeds of the sale of the Relinquished Property immediately after the 45-day period is over and the exchange will have failed. If you do identify Replacement Property and acquire everything that has been identified, then the Accommodator may return any remaining cash once the close of (final) Replacement Property has occurred. If you do identify Replacement Property and are unable to acquire anything that was identified or able to acquire only some of what was included in the identification, then the Accommodator is required by stature to hold remaining cash in escrow until the 180-day exchange period has expired.

A Forward Exchange 45-Day Identification Form can be either downloaded or submitted online:

PDF Download Web-version

The Web-version of the form allows it to submitted to ExStra online and there will be a valid time-stamp applied to each such submission. The PDF version must be downloaded, filled out and submitted either via FAX, email or delivered physically to your chosen recipient prior to the end of the 45-day ID period.