Top Somonauk, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
7163 W. 84th St., Burbank, IL 60459
77 West Washington Street, Suite 1009, Chicago, IL 60602
205 W Randolph St, Suite 1310, Chicago, IL 60606-1806
2220 W. North Avenue, Chicago, IL 60647
79 West Monroe, Suite 900, Chicago, IL 60603-4914
325 N LaSalle St, Suite 450, Chicago, IL 60654
1990 E Algonquin Rd, Suite 230, Schaumburg, IL 60173
17 N State St, Chicago, IL 60602
666 Dundee Rd, Suite 307, Northbrook, IL 60062
3000 Dundee Road Suite 305, Northbrook, IL 60062
300 E. Randolph, Suite 3400, Chicago, IL 60601
1525 Forest Ave, Wilmette, IL 60091
2800 West Higgins Road, Suite 160, Hoffman Estates, IL 60169-7221
2610 Lake Cook Road, Suite 200, Deerfield, IL 60015
35 E Wacker Drive, Suite 650, Chicago, IL 60601-2119
180 W Park Ave, Suite 210, Elmhurst, IL 60126
161 N Clark St, Suite 1700, Chicago, IL 60601
332 S Michigan Ave, 9th Floor, Chicago, IL 60604
190 S LaSalle St, Suite 2800, Chicago, IL 60603
100 S Saunders Rd, Suite 150, Lake Forest, IL 60045
111 West Jackson Blv, Suite 1700, Office 17020, Chicago, IL 60604
5105 Tollview Dr, Suite 265, Rolling Meadows, IL 60008
55 W Monroe St, Suite 2455, Chicago, IL 60603
33 North Dearborn Street, Suite 1301, Chicago, IL 60602
200 South Wacker Drive, Suite 3100, Chicago, IL 60606-5877
Somonauk 1031 Exchange Information
Lead Counsel Verified Attorneys in Somonauk
Lead Counsel independently verifies 1031 Exchange attorneys in Somonauk 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 Somonauk?
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