The exchange period is the 180 calendar days from the close of the relinquished property in which a 1031 exchanger must close on one or more identified replacement properties.
Like the 45-day clock, the 180-day exchange period is absolute. The replacement must actually close (deed recorded, title transferred) — not just be under contract. Exception: if the exchanger's federal tax return for the year of sale is due before day 180, the tax return due date controls.
Best-practice LA multifamily 1031 execution targets closing the replacement by day 150 — 30-day buffer for predictable delays. Exchanges that push toward day 180 without buffer routinely fail on financing, title, or seller-side delays on the replacement.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
Thinking about selling? Get a no-obligation evaluation from a broker with $1.41 billion across 254 closed LA multifamily transactions.
Request Free Evaluation →