1031 identification period, second chance?

[Paul Duncan]

When doing a 1031 exchange, I know you have a certain number of days to identify a property (I think maybe 45 or 60). But what happens if you identify one but during due diligence you discover things that cause you not to want to move forward with the purchase. What happens if you are past your “identification” period by this point? Does the clock start over or is there some sort of extension to identify a new property to take its place in the exchange?

[Wayne Brooks]

Nope, it’s 45 days....period.  This is why it is advisable to have the replacement property under contract ASAP, preferably even before you close on the sale of the original property.....time is not your friend.