Occasionally, the sale of the old property and the acquisition of the new property close in one extended closing. This is called a simultaneous 1031 exchange. Prior to the 1980s, all 1031 exchanges were simultaneous.
The majority of 1031 exchanges today are closings delayed be by hours or a couple of days. This is fine because the purchase has up 180 calendar days to close. It is suggested that if the closings are with different title companies or attorneys, at least one day is allowed for the transfer of 1031 exchange funds. The wire transfer occurs typically within fifteen minutes of being intiated.
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