Top Prospect Heights, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
117 South Cook Street, 2nd Floor, Barrington, IL 60010
161 N Clark St, Suite 1700, Chicago, IL 60601
2001 Midwest Road, Suite 206, Oak Brook, IL 60523
4433 W Touhy, Suite 208, Lincolnwood, IL 60712
4043 North Ravenswood Ave, Suite 208, Chicago, IL 60613
17 N State St, Chicago, IL 60602
9501 West 144th Place, Suite 303, Orland Park, IL 60462
914 N Lake St, Suite 1, Mundelein, IL 60060
303 E Wacker Dr, Suite 1150, Chicago, IL 60601
423 Sumac Road, Highland Park, IL 60035
2700 Patriot Blvd, Suite 250, Glenview, IL 60026
345 Park Ave, Suite 7, Antioch, IL 60002
1301 Pyott Road, Suite 200, Lake in the Hills, IL 60156
22 S. 4th Street, Suite 5, Geneva, IL 60134
30 N La Salle St, Suite 1700, Chicago, IL 60602
1701 East Woodfield Road, Suite 900, Schaumburg, IL 60173
806 North Peoria, Chicago, IL 60642
2000 West Galena Boulevard, Suite 209, Aurora, IL 60506-4485
70 West Madison Street, Suite 5400, Chicago, IL 60602
4647 W. 103rd Street, Suite 2A, Oak Lawn, IL 60453
711 W Gordon Terrace, Chicago, IL 60613
233 South Wacker Drive, Suite 8000, Chicago, IL 60606
2502 N Clark St, Ste 236, Chicago, IL 60614
2213 Lakeside Dr, Deerfield, IL 60015
55 W Monroe St, Suite 2455, Chicago, IL 60603
Prospect Heights 1031 Exchange Information
Lead Counsel Verified Attorneys in Prospect Heights
Lead Counsel independently verifies 1031 Exchange attorneys in Prospect Heights 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 Prospect Heights?
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