Real estate law in DeKalb IL requires an expert legal counsel to ensure that your property rights are protected. Both commercial and residential properties have special considerations including zoning, eminent domain, land-use, HOA considerations, property boundaries, and land use. Additionally, real estate lawyers can help you with 1031 and 1033 Exchanges, buy-sell agreements, closings and title searches. It is vital when you are experiencing any kind of dispute regarding your personal or investment property that you retain a real estate attorney as quickly as possible. They will help you traverse the challenging complex laws of your local community and state.
1031 Exchanges
A 1031 Exchange, also known as a “Tax Deferred Exchange” helps property owners to avoid costly capital gains taxes on investment properties. A property that experiences appreciable value is subject to significant capital gains taxes for the owner after sale. A properly executed exchange in property entails the purchase or rolling over of monies into a new property thereby deferring capital gains taxes until a later date. In most instances, investors have until the end of the calendar year to secure a new property to avoid capital gains taxes. It is vital that your attorney understand the tax implications of selling investment properties.
1033 Exchanges
When an investor is forced to sell an investment property they can defer the capital gains taxes much in the same manner as a 1031 Exchange. The IRS tax code provides for the involuntary conversion of property due to condemnation, destruction, or other reasons. Tax implications are of selling any investment property must be taken into account and proper legal guidance from a real estate law DeKalb IL attorney is required. Unlike the 1031 exchange, investors involved in a 1033 exchange have considerably more time to invest in a new property, sometimes as long as 36 months. To ensure that you are protected from detrimental capital gains tax consequences, consult with a real estate attorney as soon as possible. Buy-sell agreements
Property Disputes Between Neighbors
At some point in our lives, chances are that we will find ourselves in a dispute with one of our neighbors. In Illinois, property disputes common to neighbors include damage caused by trees, property lines or boundaries and land use. If you have negotiated unsuccessfully with a neighbor over an issue, such as damage caused by a falling tree, it is time to seek an expert in real estate law in DeKalb IL. Additionally, real estate attorneys can help if it comes time for litigation in cases where property lines and boundaries have been encroached by the building of a fence or the extension of a home.
Real estate laws are complex and vary from city to city, county to county, and state to state.
If you own residential or commercial properties as an investment, or as your primary residence or location of business, it is important that you have an real estate attorney advocating for you. Real estate law in IL presents special challenges that are best handled by professional attorneys.
