What restraints do I face when identifying my replacement property(ies)?
As an Exchangor, you are required to provide an “unambiguous description” of the potential replacement property on or before the 45th day after closing on the relinquished property. (A legal description or property address will suffice). If you wish to identify or purchase multiple properties, you must follow one of the following guidelines: • Identify up to three properties of any value with the intent of purchasing at least one. • Identify more than three properties with an aggregate value that does not exceed 200% of the market value of the relinquished property. • Identify more than three properties with an aggregate value exceeding 200% of the relinquished property, knowing that 95% of the market value of all properties identified must be acquired.
