Core concepts
45/180 timeline
45 days to identify, 180 days to close — no extensions.
Qualified Intermediary
Required intermediary holds proceeds; seller cannot touch them.
Equal or greater debt
Replacement must match or exceed both value and debt of relinquished.
Examples
- $500k sale on Jan 1 → identify by Feb 15 → close by Jun 30 on $600k apartment.
Practical applications
- Portfolio consolidation.
- Market rotation.
Common mistakes
- Missing 45-day window.
- Touching proceeds.
- Replacement below threshold.
Advertisement