The exchange process
The 1031 exchange process
Every exchange is time-sensitive. Early coordination keeps the closing team aligned and helps protect the 45-day and 180-day deadlines.
Before the sale closes
Bring in the qualified intermediary early.
The exchange agreement and assignment documents should be completed before the relinquished property transfers and before the exchanger receives or controls the sale proceeds.
Start your exchange inquiry ↗- 01
Call before you close
Contact North Oak Exchange as soon as a sale is under contract—and always before title transfers or you receive sale proceeds.
- 02
Set up the exchange
We gather the transaction details, coordinate with your closing professionals, and prepare the exchange agreement and assignment documents.
- 03
Sell the relinquished property
At closing, the relinquished property transfers to the buyer and the exchange proceeds are directed to the qualified intermediary.
- 04
Identify replacement property
You provide a signed, unambiguous written identification of potential replacement property by midnight on day 45.
- 05
Complete the purchase
We coordinate the exchange funding and closing so the replacement property is received within the applicable exchange period.
Process questions
Before the exchange begins
Use these answers with the detailed guidance on QI timing, closing coordination, and replacement-property identification.
When should the qualified intermediary be engaged?
Before the relinquished property closes and before the exchanger receives or controls the sale proceeds. Earlier contact gives the transaction team time to prepare and reconcile the exchange documents.
When do the 45-day and 180-day periods begin?
Both periods are measured from the transfer of the relinquished property. The identification period ends after 45 calendar days, while the exchange generally must be completed within the applicable 180-day period.
Who selects the replacement property?
The exchanger selects and evaluates replacement property with the exchanger's own tax, legal, brokerage, lending, and other advisers. The QI receives the written identification and coordinates exchange documents and funding.
Ready to begin?
Contact North Oak Exchange before closing.
A short opening conversation is usually enough to identify the next steps and information needed from the closing team.
Start with the questionnaire