After closing of the previous property there is a time of period 180 days under which 45 days is the time to identify the property, also known as identification period, and remaining 135 days to acquire the property. For this you have to hire an expert known as Qualified Intermediary to complete the exchange, as the proceeds received from the sale of relinquished property is kept in an escrow account. The investor is not allowed to touch the proceeds of the relinquished property. If the exchange is not completed within 180 days then the investor is disqualified from doing 1031 exchange.