Finding a real estate attorney is an important aspect before becoming involved in real estate investing or a 1031 exchange. The right one will keep you on track and help lessen your liability in your real estate investments. Here are a few tips for finding a good real estate attorney for your 1031 exchange.
Tips for Finding a Good Attorney
Talk to friends, family members and co-workers, or your state's Bar Association for referrals.
Talk to local real estate brokers for referrals.
Call a local realtors association for referrals.
Prepare a list of questions pertaining to your situation. Most lawyers will answer simple questions over the phone for free.
Identify a number of possible attorneys and call each one.
Ask how much each lawyer charges per hour, and request an estimate of the time required to complete the tasks you require – looking over contracts, handling disclosures, and helping with the closing.
Choose an attorney.
Questions to Ask
Here are some questions to ask your attorney when considering who to hire:
What experience do you have in creative real estate investing such as subject to investing The Attorney should be open to and understand creative real estate investing.
How much of your practice is in real estate? It should be at least 30% to 50%. In smaller markets there would be less need for an attorney to devote all their practice to real estate.
Do you have other real estate investors as clients? If so, ask if you can contact them for references.
What are your fees? The price the attorney charges is not as important as how well they work for you. The old proverb you get what you pay for applies here.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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