There are certain restrictions placed by the Department of Treasury and IRS on the investor’s right to receive, pledge, borrow or otherwise benefit from 1031 exchange funds. Investors can receive unused funds at anytime after the 45 calendar day identification period expires because 1) no replacement property was identified or 2) the identified replacement property has been acquired. If the investor does not acquire the identified replacement property the unused proceeds cannot be released until the 181st day after the close of the relinquished property.