The identification period is the 45 calendar days from the close of the relinquished property in which a 1031 exchanger must identify replacement properties in writing to the qualified intermediary.
The 45-day clock is absolute — no extensions. Identification must be specific (street address, legal description, or unambiguous identifier). Written notice to the QI, postmarked or delivered before midnight of day 45. Most failed 1031 exchanges fail here.
For LA multifamily exchangers, the practical imperative is to start the replacement search before the relinquished property closes — so identification is a matter of confirming choices rather than starting from zero. The 45-day compressed window is unforgiving of preparation gaps.
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.
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