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Identifying Upleg Properties An Upleg Property is the property exchanged into.
As part of the Exchange Process, within 45 days of the close of escrow on the relinquished property, the exchanger must identify potential upleg properties by providing a legal description and/or property address. A form will be provided for completion.
Multiple properties may be identified by selecting one of the following:
- Three properties of any value; the exchanger does not have to purchase all properties, however, properties from this list must be purchased. Changes to the list can be made at any time within the 45 day identification period (All About Exchanges, Item 4-3)
- More than three properties providing the aggregate value does not exceed 200% of the market value of the relinquished property. The exchanger does not have to purchase all properties.
- If the exchanger wishes to target more than 3 properties and the aggregate value exceeds 200% of the initial exchange property, then he must acquire 95% of the market value of the properties identified.
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