Top Elgin, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
525 Dee Road, Suite 200, Roselle, IL 60172
7163 W. 84th St., Burbank, IL 60459
79 West Monroe, Suite 900, Chicago, IL 60603-4914
325 N LaSalle St, Suite 450, Chicago, IL 60654
161 N Clark St, Suite 1700, Chicago, IL 60601
303 E Wacker Dr, Suite 1150, Chicago, IL 60601
321 North Clark Street, Suite 1430, Chicago, IL 60654
711 W Gordon Terrace, Chicago, IL 60613
914 N Lake St, Suite 1, Mundelein, IL 60060
5105 Tollview Dr, Suite 265, Rolling Meadows, IL 60008
1193 Longmeadow Lane, Glencoe, IL 60022
1300 West Belmont, Suite 113, Chicago, IL 60657
303 West Madison Street, Suite 2300, Chicago, IL 60606
200 South Wacker Drive, Suite 3100, Chicago, IL 60606-5877
2213 Lakeside Dr, Deerfield, IL 60015
4418 N. Milwaukee Avenue, Chicago, IL 60630
11 N. Northwest Highway, Suite 121, Park Ridge, IL 60068
1301 Pyott Road, Suite 200, Lake in the Hills, IL 60156
18 West 140 Butterfield Rd, Oak Brook, IL 60181
22 S. 4th Street, Suite 5, Geneva, IL 60134
484 Central Ave, Suite 202, Highland Park, IL 60035
2040 N Harlem Ave, Elmwood Park, IL 60707
345 Park Ave, Suite 7, Antioch, IL 60002
1701 East Woodfield Road, Suite 900, Schaumburg, IL 60173
77 West Wacker Drive, Suite 4100, Chicago, IL 60601
Elgin 1031 Exchange Information
Lead Counsel Verified Attorneys in Elgin
Lead Counsel independently verifies 1031 Exchange attorneys in Elgin and checks their standing with Illinois bar associations.
Our Verification Process and Criteria
Ample Experience
Attorneys must meet stringent qualifications and prove they practice in the area of law they’re verified in.
Good Standing
Be in good standing with their bar associations and maintain a clean disciplinary record.
Annual Review
Submit to an annual review to retain their Lead Counsel Verified status.
Client Commitment
Pledge to follow the highest quality client service and ethical standards.
What Is a 1031 Exchange?
A “1031 exchange” refers to section 1031 of the U.S. Internal Revenue Code, which allows you to defer capital gains taxes on some real estate transactions. Also known as a “tax-deferred exchange,” you will be able to defer any capital gains taxes when selling a home as long as you are buying another home that costs more. You can also do this for business property investment. Many property exchanges qualify as a 1031 exchange as long as you are holding the property for investment or business use, giving you significant tax savings.
What Are Some Examples of Situations Where I Might Need a Real Estate Lawyer To Help With a 1031 Exchange?
While a common tax savings tactic for real estate investors, making sure your 1031 exchange goes smoothly may require a lawyer’s attention to detail and knowledge of the law. Consult with your real estate lawyer if you are considering purchasing a new piece of real estate investment property or seeking a new business property.
How Can a Real Estate Lawyer Help Me?
A real estate lawyer can help you through the real estate process. With so much money on the line, it is wise to work with a lawyer to protect your investment. A real estate lawyer can help with:
- Breach of contract claims
- Property insurance claim denials
- Title disputes
- Zoning restrictions
- HOA restrictions
- Negotiating commercial lease agreements
- Handling property tax matters
What Could Happen if I Don’t Hire a Real Estate Lawyer?
If you don’t hire a real estate lawyer, you could be putting your home or business at risk. Problems with a real estate deal can quickly spiral out of control, costing you tens of thousands of dollars or more. Property ownership or title disputes can cost you your home. Without a real estate lawyer, you could face:
- Property and zoning restrictions
- Property tax penalties
- Breach of contract claims
- Environmental remediation costs
What Questions Should I Ask When Trying To Find a Real Estate Lawyer in Elgin?
These questions can help you decide if you feel comfortable and confident that a lawyer has the qualifications, experience, and ability to manage your case. Many real estate lawyers offer an initial consultation that allows you to understand your options and get specific legal advice before hiring them. The top questions to ask include:
- What is your experience in handling real estate cases in Illinois?
- Have you represented property owners in cases like mine?
- What are potential issues that can come up during the property purchase?
- How will you keep me informed about updates in my case?
- What is the likely timeline for resolving my case?
- What is your fee structure for legal representation?
Tips for Hiring a Real Estate Lawyer
Take the time to find a real estate attorney who is right for you and will represent your best interests. Find a lawyer who understands your case, knows your needs and goals, and has the experience to get the best outcome. Things to do:
- Ask for recommendations
- Research lawyers online
- Schedule consultations
- Review experience and expertise
- Talk about fees and billing
- Trust your instincts