Before the Relinquished Property transfers in a 1031 Exchange, the executed exchange documents should be sent to IPX1031. At closing, the exchange proceeds are wire transferred to IPX1031, and the clock starts for the Exchanger’s 180-day exchange and 45-day identification periods. Watch this quick tutorial to learn more.
Before the Relinquished Property transfers in a 1031 Exchange, the executed exchange documents should be sent to IPX1031.
At closing, the exchange proceeds are wire transferred to IPX1031, and the clock starts for your 180-day exchange and 45-day identification periods.
Also, as a word of caution, remember that there are circumstances regarding the identification of Replacement Property which can affect access to exchange proceeds.
For instance, according to G-6 restrictions (of the 1031 regulations), if you fail to identify Replacement Property within the 45-day identification period, the exchange fails and IPX1031 will return the exchange proceeds to you, the Exchanger, on or after day 46.
Alternatively, if you successfully identify Replacement Property, the exchange proceeds will be held until the exchange is complete.
Or if any exchange proceeds remain after less than all the identified properties are acquired, the balance cannot be returned to you, the Exchanger, until after day 180.
At any time, please reach out to us, or access our 1031 Knowledge Center on our website for more information.
