To do a Delayed Exchange you need to keep in mind there are two very important time restrictions. The 45 day identification period and the 180 day exchange period. These time restrictions are carved in stone. There are neither exceptions nor extensions. Once you have violated one of these time periods, your whole exchange fails.
Your total exchange period is 180 days from the date the Deed recorded on your Relinquished Property(ies). To complete your exchange, you must have a recorded Deed on your Replacement Property before midnight of the 180th day. In some cases, you will need to file for an extension for filing your income tax return in order to have received the entire 180 days.
From the same date of recording of your Relinquished Property(ies) your 45 day identification period has begun. From that time you have only 45 days to identify, in writing to your Accommodator, the property or properties you wish to purchase to complete your exchange.
You can purchase as many properties as you wish. The only trick is there are strict rules to completing your Identification Notice. Your Accommodator (Intermediary), can instruct and help you comply with those rules.
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