Top Wilmington, IL 1031 Exchange Lawyers Near You
Contact a Boone County Real Estate and Short Sales Attorney
1121 W Belmont Ave, Suite 1, Chicago, IL 60657
One North Franklin Street, Suite 3200, Chicago, IL 60606
5105 Tollview Dr, Suite 265, Rolling Meadows, IL 60008
200 South Wacker Drive, Suite 3100, Chicago, IL 60606-5877
11 N. Northwest Highway, Suite 121, Park Ridge, IL 60068
One South Dearborn, Suite 2100, Chicago, IL 60603
18W 772 Avenue, Chateaux N, Oak Brook, IL 60523-1667
18W140 Butterfield Rd, Suite 930, Oakbrook Terrace, IL 60181
141 W. Jackson Blvd., Suite 2730, Chicagao, IL 60604
2220 W. North Avenue, Chicago, IL 60647
303 West Madison Street, Suite 1000, Chicago, IL 60606-3321
1725 South Naperville Road, Suite 205, Wheaton, IL 60189
1S660 Midwest Rd, Suite 120, Oakbrook Terrace, IL 60181
PO Box 64600, Chicago, IL 60664
7538 St. Louis Ave., Skokie, IL 60076
1700 W Higgins Rd, Suite 430, Des Plaines, IL 60018
134 N. LaSalle, Suite 1840, Chicago, IL 60602
PO Box 292, Deerfield, IL 60015
33 N. LaSalle Suite 2119, Chicago, IL 60602
205 N Michigan Ave, Suite 810, Chicago, IL 60601
200 E. Fifth Avenue, Suite 124, Naperville, IL 60563
354 Hollow Hill Rd, Wauconda, IL 60084
17726 Oak Park Ave, Unit J, Tinley Park, IL 60477
205 W. Randolph Street, Suite 1650, Chicago, IL 60606
4320 Winfield Rd, Suite 200, Warrenville, IL 60555
Wilmington 1031 Exchange Information
Lead Counsel Verified Attorneys in Wilmington
Lead Counsel independently verifies 1031 Exchange attorneys in Wilmington 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 Wilmington?
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