Top Summit, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
20 N Clark St, Suite 3300, Chicago, IL 60602
Bazanos Law P.C., serving clients in the Summit, Illinois area, a reputable legal practice for 1031 Exchange issues.
1031 Exchange Lawyers | Serving Summit, IL
641 West Lake Street, Suite 400, Chicago, IL 60661
The Law Offices of James H. Miller Jr. is experienced handling 1031 Exchange cases in the Summit area.
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70 West Madison Street, Suite 5200, Chicago, IL 60602
300 W. Adams St., Suite 500, Chicago, IL 60606
1001 Warrenville Road, Suite 500, Lisle, IL 60532
303 West Madison Street, Suite 300, Chicago, IL 60606
191 North Wacker Drive, Suite 2300, Chicago, IL 60606
10750 W 143rd St, Suite 55, Orland Park, IL 60462
33 N. Dearborn Street, Suite 1950, Chicago, IL 60602-3249
111 East Wacker Drive, Suite 2600, Chicago, IL 60601
1 North Wacker Dr, Suite 3700, Chicago, IL 60606-1901
10 S. Lasalle Street, Suite 2920, Chicago, IL 60603
800 Roosevelt Rd, Suite B-210, Glen Ellyn, IL 60137
2155 W. Roscoe St., Chicago, IL 60618
1016 W Jackson Blvd, Suite 509, Chicago, IL 60607
30 S. Wacker, 22nd Floor, Chicago, IL 60606
222 W Adams St, Suite 2250, Chicago, IL 60606
200 S Wacker Dr, Suite 600, Chicago, IL 60606
111 West Jackson Blv, Suite 1700, Office 17020, Chicago, IL 60604
311 South Wacker Drive, Suite 4300, Chicago, IL 60606
4044 N Lincoln, Suite 500, Chicago, IL 60618
111 W. Jackson, Suite 1700, Chicago, IL 60604
903 Commerce Drive, Suite 210, Oak Brook, IL 60523
33 N Dearborn St, Suite 1430, Chicago, IL 60602
321 North Clark Street, Suite 1000, Chicago, IL 60654
Summit 1031 Exchange Information
Lead Counsel Verified Attorneys in Summit
Lead Counsel independently verifies 1031 Exchange attorneys in Summit 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 Summit?
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