I am under the impression that I only need to use a 1031 exchange before the closing of sale.
At the moment I am already in contract to sell a property and I heard from someone today that I should have sold the property under the 1031 exchange, is that true? If so does that mean I now have to modify the sales contract and get the buyer to sign it again?
I don't think you have any problems unless money has crossed your hands. You need to hire a QI immediately.
Also, the timeline is to identify the replacement property within 45 days (which includes day of closing). There are limits, etc or special requirements depending upon how many replacement properties you identify.
@Dave Foster can help.
Thanks for the shout out @John Thedford . As long as you haven't closed on the sale yet @Qi Ming Chen you are fine. Your intermediary must be in place at the closing of the sale. Going under contract before you hire your QI is fine.
I think we've connected as colleagues so you can pm me for follow up.