If you’ve bought property in another state, the Illinois closing process will surprise you—in a good way. Illinois uses an attorney-state model, meaning licensed real estate attorneys are involved on both sides of every transaction. Combined with the standard MLS contract and a mandatory attorney review period, the process is more thorough and more buyer-protective than what you may have experienced elsewhere. Here’s how it actually works.
Step 1: The Offer and Earnest Money
When you make an offer in the Fox Valley, you’ll typically deliver earnest money—a good-faith deposit—within a few days of the seller accepting. Standard earnest money in our area:
- Under $500K: $5,000–$10,000
- $500K–$1M: 1% of purchase price ($5,000–$10,000)
- $1M+: 2% of purchase price, sometimes higher in competitive situations
The check is delivered to the listing brokerage and held in their escrow account—never to the seller directly. It’s applied to your down payment at closing, refunded if you cancel for an approved reason, and at risk if you back out without one.
Step 2: Attorney Review (5 Business Days)
This is unique to Illinois (and a few other attorney states). Once the contract is signed by both sides, both buyer and seller have five business days to have their attorneys review and propose modifications.
During attorney review, your attorney can:
- Request changes to inspection terms, closing date, or contingencies
- Add or remove specific clauses that protect you
- In rare cases, terminate the contract if a material issue surfaces
Most attorney reviews resolve smoothly with minor language tweaks. The benefit is real: a licensed attorney is reading the entire contract on your behalf before it’s binding.
Step 3: Inspection Period (Typically 5–10 Business Days)
During this window, you’ll order:
- General home inspection ($400–$700)
- Radon test ($150–$250)—common in northern Illinois
- Sewer scope ($200–$400)—important for older homes
- Optional: pest, mold, structural, or chimney inspections as needed
Based on the report, your attorney drafts an inspection response—typically requesting repairs, credits, or both. The seller then accepts, counters, or refuses. This negotiation often involves multiple rounds.
Step 4: Mortgage Contingency
Most Fox Valley contracts include a mortgage contingency—typically 30–45 days—during which you must obtain a written loan commitment from your lender. If the lender ultimately can’t fund the loan, you can cancel and recover your earnest money. Stay in close contact with your lender during this window—quick documentation responses keep things moving.
Step 5: Title and Survey
Your attorney orders the title commitment and reviews it for liens, encroachments, easements, and restrictions. The seller orders a survey (in our area, sometimes paid by buyer—custom varies). Both documents are reviewed before closing.
Step 6: Final Walk-Through and Closing
The day before or morning of closing, you’ll walk through the home one last time to confirm:
- Agreed-upon repairs were completed
- The home is in the condition you expected
- Personal property included in the sale (appliances, fixtures) is still there
Closing itself happens at a title company office. Both attorneys, both agents, and both buyer and seller (or their representatives via power of attorney) attend. You’ll sign roughly 40–50 documents. Plan on 60–90 minutes. At the end, you’ll receive the keys.
Common Pitfalls to Avoid
- Choosing your attorney by price alone — a $750 buyer’s attorney who doesn’t respond promptly costs you more than a $1,200 attorney who does
- Slow document responses to your lender — the most common cause of closing delays
- Major financial moves between contract and closing — don’t buy a car, open new credit cards, or change jobs. All can delay or kill your loan.
- Skipping the final walk-through — issues caught the day before are negotiable; issues caught the day after are yours to fix
Related Resources
- Closing Costs in Illinois — know what to budget
- 5 Costly Mistakes First-Time Luxury Buyers Make — don’t repeat the common ones
- Buyer Readiness Checklist — confirm you’re ready before submitting an offer