Is there a timeline I need to follow?

In General...

Exchanges must be completed within a specific deadline to qualify for the tax deferred status. The calculated number of days INCLUDES weekends and holidays.

Important dates to remember are:

Initial Closing Date - Date of Closing for the first transaction (whether sale or purchase as in a Reverse Exchange) – Starts the clock and determines when all subsequent steps must be completed.

45 Day Deadline – Exchanger must identify possible replacement properties in writing to the Qualified Intermediary. Once the 45-day deadline is met, Exchanger is not permitted to make any changes to the list.

180 Deadline – A 1031 investor is legally required to complete a 1031 exchange by midnight on the 180th day after the close of escrow on the relinquished property. The exception to this occurs if the investor's tax return is due before the 180th day, in which case the exchange must be completed by the due date of the investor's tax return. This may require the Exchanger to file an extension in order to meet this timing requirement.