Closing is when ownership officially transfers. At closing: Buyer signs loan documents (if applicable) Seller signs the deed Funds are transferred Title transfers to buyer Keys are delivered Many Illinois closings are now handled remotely or through escrow closings depending on the lender and title company.

If issues arise, the contract usually provides options such as: Repair requests Credits Escrows Contract termination (depending on contingencies) Having an attorney involved is especially important when unexpected issues arise.

Earnest money is a good faith deposit showing the buyer’s intent to proceed. It is typically: Held by the listing broker or title company Applied toward the purchase price Refundable if contract contingencies are properly exercised Potentially at risk if a buyer defaults

Illinois sellers must typically provide a Residential Real Property Disclosure Report disclosing known material defects such as: Flooding issues Foundation problems Roof defects Environmental hazards Mechanical system issues Failure to disclose known defects can create liability.

Illinois property taxes are paid in arrears, meaning you pay last year’s taxes this year. Because of this, sellers usually provide buyers a tax credit at closing based on: The most recent tax bill A negotiated percentage (often 105–110%) Any known reassessments This protects buyers from future tax increases tied to prior ownership.

Closing costs vary but commonly include: Buyer costs: Loan costs (if financed) Appraisal Inspection fees Prepaid taxes and insurance Recording fees Seller costs: Title insurance Transfer taxes (often) Attorney fees Prorated taxes Mortgage payoff costs

Title insurance protects buyers and lenders against defects in ownership such as: Unknown liens Recording errors Boundary disputes Fraud or forgery in prior deeds Unpaid taxes or contractor claims In Illinois, sellers typically pay for the owner’s title insurance policy.

Buyers typically have the right to conduct inspections during the attorney review/inspection period. After inspections, buyers may request: Repairs Credits at closing Price reductions Contract cancellation if major defects exist Everything is negotiable and depends on the contract terms and market conditions.

Most Illinois real estate contracts include a five business day attorney review period. During this time, your attorney can: Propose contract modifications Request repairs or credits Disapprove of the contract if necessary Negotiate inspection issues This is one of the most important protections in an Illinois transaction.

Illinois is considered an attorney state, meaning attorneys typically handle contract review, negotiations, title review, and closing preparation. While not technically required by statute, most transactions involve attorneys because the contract contains an attorney review and inspection period that is critical to protecting buyers and sellers. Having an attorney helps ensure: Contract terms are negotiated properly Inspection issues are handled strategically Title problems are resolved Closing documents are accurate Your legal and financial interests are protected