1031 Exchange - Question

[Samuel W.]

Hi all,

I have had a burning question that I have been wondering about 1031 exchanges.

It’s my understanding that the government gives you 45 days to get a new property under contract after you sell your initial property.

My question is, if that property falls out of contract then what are the rules/regulations about getting another property under contract by a certain timeframe?

How much leeway (time etc) does the government give you to find the next property if your original deal falls through.

I’m sure many of you have experienced this. Looking for some education before I explore a 1031 exchange in the future.

Thanks,

Sam