Top Somonauk, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
120 N. LaSalle St., Ste. 2750, Chicago, IL 60602
125 S Wacker Dr, Suite 300, Chicago, IL 60606
30 N La Salle St, Suite 1700, Chicago, IL 60602
53 West Jackson Boulevard, Suite 1760, Chicago, IL 60604
161 N. Clark St, Suite 1600, Chicago, IL 60601
1601 Sherman Ave, Suite 520, Evanston, IL 60201
2040 N Harlem Ave, Elmwood Park, IL 60707
33 N LaSalle Street, Suite 2900, Chicago, IL 60602
32 S Adams St, Hinsdale, IL 60521
100 S Saunders Rd, Suite 150, Lake Forest, IL 60045
819 E St Charles Rd, Suite A, Lombard, IL 60148
155 N. Michigan Ave, Suite 200, Chicago, IL 60601
1525 Forest Ave, Wilmette, IL 60091
1958 Aberdeen Court, Suite 1, Sycamore, IL 60178-3175
1550 Spring Road, Suite 120, Oak Brook, IL 60523
227 W Monroe Street, Suite 1900, Chicago, IL 60606
161 N Clark St, Suite 1700, Chicago, IL 60601
455 North Cityfront Plaza Drive, Suite 2510, Chicago, IL 60611
2622 W. Peterson, Suite 9, Chicago, IL 60659
39 South LaSalle Street, Suite 1420, Chicago, IL 60603
101 North Wacker Drive, Suite 200, Chicago, IL 60606-7307
53 W. Jackson, Suite 1734, Chicago, IL 60604
55 W Monroe St, Suite 2455, Chicago, IL 60603
1441 South Harlem Avenue, Berwyn, IL 60402
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