Top West Chicago, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
526 Market Loop Rd, Suite D, West Dundee, IL 60118
PO Box 6252, Chicago, IL 60680
2040 N Harlem Ave, Elmwood Park, IL 60707
159 N. Sangamon St., Suite 200, Chicago, IL 60607
77 W Wacker Dr, Suite 4500, Chicago, IL 60601
321 N Clark St, 32nd Floor, Chicago, IL 60654
33 N LaSalle Street, Suite 2900, Chicago, IL 60602
550 E. Boughton Rd., Suite 250, Bolingbrook, IL 60440
111 West Jackson Blv, Suite 1700, Office 17020, Chicago, IL 60604
1034 Dunlop Avenue, Forest Park, IL 60130
625 W. Adams St, Chicago, IL 60661
1834 Walden Office Square, Suite 500, Schaumburg, IL 60173
30 S Wacker Dr, Suite 2600, Chicago, IL 60606
321 North Clark Street, Suite 3000, Chicago, IL 60654
180 N LaSalle St, Suite 3700, Chicago, IL 60601
10 Parkway N Blvd, Suite 110, Deerfield, IL 60015
105 E Main St, Cary, IL 60013
1525 Forest Ave, Wilmette, IL 60091
625 West Rollins Road, Round Lake Beach, IL 60073-1277
1200 Shermer Road, Suite 206, Northbrook, IL 60062-4565
1958 Aberdeen Court, Suite 1, Sycamore, IL 60178-3175
1580 S. Milwaukee Avenue, Suite 220, Libertyville, IL 60048
1441 South Harlem Avenue, Berwyn, IL 60402
39 South LaSalle Street, Suite 1420, Chicago, IL 60603
210 East North Street, Suite B, Elburn, IL 60119
West Chicago 1031 Exchange Information
Lead Counsel Verified Attorneys in West Chicago
Lead Counsel independently verifies 1031 Exchange attorneys in West Chicago 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 West Chicago?
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