The key timelines in any Tax-deferred exchange of real estate generally are the 45-day rule in which the seller must identify (usually) three (3) possible target investment properties to acquire in exchange for the property of which the investor is disposing. The second timeline rule is that the investor, in order to properly effect a Tax-deferred exchange under the IRS 1031 code, must close on one of the selected or "targeted" properties within six (6) months after the sale of his property. Not six months and one day, but six months period -- or the Tax-deferring option is lost. A "Qualified Intermediary" (QA) must hold the sale proceeds of the sold property and convey them to the closing attorney of the Seller of the acquired property. Selecting a QA, broker and/or a closing attorney with Tax-deferred exchange experience and background are very important to the success of the 1031 Tax-deferred exchange transaction.