The 45-day identification window opens the day the relinquished property closes and does not reopen for a second draft. This service treats the candidate list like a bid package under a fixed submission deadline, scoped to Park City's thin resort-market inventory rather than assuming a metro-scale pool of options.
The count starts on the closing date of the relinquished property and runs for 45 calendar days with no extension available for a slow broker response, a holiday, or a seasonal showing gap, short of a formally declared IRS disaster relief notice. Written identification has to reach the qualified intermediary before midnight on day 45, describing each candidate by legal description or unambiguous street address.
Because there is no partial credit for a list that arrives late, the working schedule for a Park City exchange should count backward from day 45 the way a bid package counts backward from a submission deadline, with review dates assigned to each candidate rather than left open-ended.
Park City's commercial stock is concentrated in a handful of corridors — Main Street storefronts, Prospector and Bonanza Park flex space, and Kimball Junction retail — and that concentration means a single-corridor search can come up short inside 45 days, especially during the winter season when owners are less inclined to list. Building parallel search tracks across Main Street, Kimball Junction, and the Snyderville Basin, alongside a DST allocation as a passive fallback, keeps the list from depending on one thin submarket.
Investors exchanging in from California sometimes expect a metro-scale candidate pool; a realistic Park City list favors fewer, better-vetted options rather than a long list padded with unlikely closes.
Broadening the search into the Heber Valley or toward the Salt Lake City corridor along I-80 is a common adjustment when Park City's own corridors do not produce enough qualifying candidates by the midpoint of the 45-day window. That adjustment should happen early, since discovering the shortfall in week five leaves no time to rebuild the search from a wider geography.
It starts on the date the relinquished property closes, not on the date the investor decides to pursue an exchange or signs paperwork with the qualified intermediary.
No. Seasonal inventory conditions do not extend the deadline; the only recognized extension comes from a formally declared IRS disaster relief notice covering the transaction.
Enough to cover a primary target and at least one credible backup, sized to the three-property or 200% rule depending on the investor's replacement strategy and confirmed with the qualified intermediary before submission.
A full legal description or a specific street address that leaves no doubt which property is meant; a vague reference to a neighborhood or a type of building does not satisfy the requirement.
A preliminary lender read is worth getting before day 45, since a financing shortfall discovered after identification limits the options for keeping the exchange on schedule; the investor's lender and tax advisor should both weigh in before the list is finalized.
Each of these line items should carry a date stamp showing when it was last confirmed, since a valuation or listing status pulled in week one can be stale by week four in a fast-moving submarket.
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