A forward exchange is the most common type of 1031 exchange where the old or relinquished property is sold and closed before the replacement or purchase of a new property. After selling a property, the seller has 45 days to identify what asset (replacement property) will be bought with the proceeds of the sale. After the completion of the 45 days, an additional 135 days is given to close escrow on the replacement property. The entire transaction cannot exceed 180 days from the close of escrow on the sold or relinquished property.
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