Top Somonauk, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
900 Warren, Suite 3, Downers Grove, IL 60515-3668
1700 E Golf Rd, Suite 575, Schaumburg, IL 60173
2640 Patriot Blvd., Suite 270-B, Glenview, IL 60026-8075
Three First National Plaza, 70 West Madison Stree, Suite 1400, Chicago, IL 60077-1039
300 South Wacker Drive, Suite 1700, Chicago, IL 60606
18W 772 Avenue, Chateaux N, Oak Brook, IL 60523-1667
14524 John Humphrey Drive, Orland Park, IL 60462
350 West Hubbard, Suite 620, Chicago, IL 60654-5811
1771 Bloomingdale Road, Glendale Heights, IL 60139-2168
423 Sumac Road, Highland Park, IL 60035
30 N La Salle St, Suite 1700, Chicago, IL 60602
2860 S. River Rd., Suite 220, Des Plaines, IL 60018-4908
105 E Main St, Cary, IL 60013
208 South LaSalle Street, Suite 1750, Chicago, IL 60604
422 N Northwest Hwy, Suite B5, Park Ridge, IL 60068
One North Franklin Street, Suite 1500, Chicago, IL 60606
1580 S. Milwaukee Avenue, Suite 220, Libertyville, IL 60048
401 North Michigan Avenue, Suite 1200, Chicago, IL 60611
116 S Arlington Heights Rd, Suite 300, Arlington Heights, IL 60005
227 W Monroe Street, Suite 1900, Chicago, IL 60606
Downer Place Executive Center, 1961 West Downer Place, Aurora, IL 60506
2000 McDonald Road, Suite 200, South Elgin, IL 60177
200 N LaSalle St, Suite 1550, Chicago, IL 60601
301 S. County Farm Road, Suite A, Wheaton, IL 60187
425 S Financial Pl, Suite 1900, Chicago, IL 60605
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