After you accept an offer on your house in Illinois, the contract enters attorney review and the buyer's inspection period, each typically lasting five business days. You'll then respond to any repair requests, the buyer's lender orders an appraisal, and your attorney clears title. Most Illinois home sales close 30 to 45 days after acceptance, and sellers receive their proceeds on closing day.
That's the quick answer. Now let's walk through what each stage looks like from your side of the table, especially here in Cook County.
Key Takeaways
- Accepting an offer starts attorney review and the buyer's inspection, which run at the same time and usually last about five business days each.
- The buyer can still negotiate or walk away during these early periods, so the first week matters most.
- Sellers in Cook County typically pay state and county transfer taxes, the owner's title insurance policy, attorney fees, and a property tax proration credit to the buyer.
- Your job between contract and closing: respond to requests quickly, keep the home insured and maintained, and be ready for the final walkthrough.
- Most sellers receive their proceeds by wire transfer on closing day.
The Offer Is Accepted. Is the Sale a Done Deal?
Not quite yet, and it helps to know that going in.
In Illinois, an accepted contract comes with a short window where things can still shift. The buyer has an inspection period, both sides have attorney review, and the buyer's financing still has to come together. Most deals that fall apart do so in the first week or two.
The good news? Once you're past attorney review and inspection, the path to closing is usually steady. Your main job shifts from negotiating to simply keeping the home in good shape and responding when your team needs you.
What Is Attorney Review Like for Sellers?
It's standard practice in Illinois for both the seller and the buyer to have a real estate attorney review the contract after acceptance. The review period typically runs five business days, starting the day after signing.
During this window, your attorney can propose changes to protect you, things like clarifying which fixtures stay, firming up dates, or tightening contingency language. The buyer's attorney will likely do the same from their side.
A lot of sellers don't realize their attorney also handles much of the heavy lifting later: ordering title, preparing the deed, calculating prorations, and often attending closing on your behalf. For a residential sale in the Chicago area, seller attorney fees typically run $500 to $1,000.
If you haven't chosen an attorney yet, do it before you accept an offer if you can. The review clock starts fast.
What Happens With the Buyer's Earnest Money?
Within a few days of acceptance, the buyer deposits earnest money, often 1% to 5% of the purchase price. Here's what that means for you as the seller:
- The money sits in an escrow account, usually with the listing brokerage or title company. You don't receive it directly.
- It signals the buyer is serious. A buyer who walks away without a contractual reason may forfeit that deposit to you.
- If the deal closes, the earnest money simply counts toward what the buyer owes at closing.
Your agent confirms the deposit arrived on time. If it doesn't show up, that's an early warning sign worth addressing immediately.
How Should You Handle the Buyer's Inspection?
The buyer's inspection usually happens within the first five business days. You don't need to be home for it, and honestly, it's better if you're not. Plan to be out for two to three hours, and take pets with you.
Afterward, the buyer may send repair requests or ask for a closing credit through the attorneys. This is the moment sellers tend to feel most defensive, and that's understandable. It's your home, and a list of its flaws stings.
Here's what helps: focus on the big stuff. In our area, with so many homes built between the 1950s and 1970s in towns like Arlington Heights, Mount Prospect, and Des Plaines, requests often involve older electrical panels, sewer lines, roof wear, or basement moisture. Safety and structural items deserve a real response. Cosmetic nitpicks usually don't.
You have three basic options for each request: agree to repair it, offer a credit instead, or decline. A credit is often the cleanest path since you don't have to manage contractors before closing. Your attorney and I would walk through this together, line by line.
If you addressed maintenance before listing, this stage tends to go smoothly. My guide on how to prepare your home for sale covers the prep work that prevents inspection surprises.
What If the Appraisal Comes In Low?
If your buyer is financing, their lender orders an appraisal, usually completed within two to three weeks of acceptance. The appraiser confirms the home's value supports the loan amount.
Most appraisals in the northwest suburbs come in at or above contract price when the home was priced well from the start. That's one reason pricing strategy matters so much, and why I wrote a full guide on how to price your home to sell.
If the appraisal does come in below the contract price, you have options: the buyer can bring extra cash, you can lower the price to the appraised value, you can meet somewhere in the middle, or the appraisal can be challenged with better comparable sales. It's a negotiation, not a dead end.
What Do Sellers Pay at Closing in Cook County?
Here's where Illinois sellers often get surprised, so let's lay it out plainly. Typical seller costs in Cook County include:
- Transfer taxes. Sellers customarily pay the Illinois state transfer tax ($0.50 per $500 of sale price) and the Cook County transfer tax ($0.25 per $500). Some villages charge their own municipal transfer tax on top, and the rules vary by town, so check early. The Cook County Clerk handles county transfer stamps.
- Owner's title insurance. In Illinois, the seller customarily pays for the buyer's owner's title policy. Cost scales with sale price, often $1,500 to $3,000 on a typical northwest suburbs home.
- Property tax proration. Cook County taxes are paid in arrears, meaning this year's taxes get billed next year. Since the buyer will receive bills for time you owned the home, you credit them at closing, commonly calculated at 105% to 110% of the most recent tax bill. My article on how property taxes work in Cook County explains the arrears system in plain language.
- Attorney fee. Typically $500 to $1,000.
- Survey. Illinois sellers customarily provide a current survey of the property, usually $400 to $700.
- Commission. Per your listing agreement and the terms negotiated in the contract.
Your attorney prepares a closing statement before closing day, so you'll see the exact numbers in advance. No surprises at the table.
What's Your Job While the Buyer's Financing Moves Along?
Between inspection and closing, there's a quiet stretch of two to four weeks where the buyer's lender does most of the work. Your responsibilities during this time are simple but important:
Keep the home insured. Your homeowners policy stays active until the deed transfers. Don't cancel early.
Keep the home maintained. The buyer's final walkthrough checks that the home is in the same condition as when they signed. Keep up the lawn, fix anything that breaks, and don't remove anything the contract says stays.
Complete any agreed repairs. If you committed to repairs during attorney review, finish them before the walkthrough and keep receipts. Unfinished repairs are one of the most common reasons closings get delayed.
Plan your move. Most contracts in our area expect the home delivered vacant and broom-clean at closing unless you negotiated possession terms otherwise.
What Happens at the Walkthrough and on Closing Day?
The buyer's final walkthrough happens within a day or two before closing. They're confirming the home's condition, checking that repairs were done, and making sure included items are still there. If everything matches the contract, you're cleared for closing.
Closing day itself is easier for sellers than buyers. In Illinois, many sellers pre-sign their documents with their attorney and don't even attend the closing. The buyer signs the loan stack, funds transfer, and the deed records.
Then comes the part you've been waiting for: your proceeds, typically sent by wire transfer the same day. From accepted offer to money in your account, most financed sales in the northwest suburbs take 30 to 45 days.
Curious what this whole stretch looks like from the buyer's side? I wrote a companion guide on what happens after your offer is accepted that walks through their timeline, which can help you anticipate what your buyer is juggling.
FAQs
Can a buyer back out after I accept their offer in Illinois?
Yes, during the early contract periods. Buyers can typically withdraw during attorney review or based on inspection findings, and a financing contingency protects them if their loan falls through. After those periods close, backing out without cause may cost the buyer their earnest money.
How long after accepting an offer do you close in Illinois?
Most financed home sales in Illinois close 30 to 45 days after the offer is accepted. Cash sales can close in two to three weeks since there's no appraisal or mortgage underwriting involved.
Do I have to make the repairs the buyer requests?
No. Inspection requests are a negotiation, not a demand. You can agree to repairs, offer a closing credit instead, or decline. Safety and structural items usually deserve a genuine response, while cosmetic requests are often declined or compromised.
What does the seller pay at closing in Cook County?
Cook County sellers typically pay state and county transfer taxes, any municipal transfer tax, the owner's title insurance policy, a property tax proration credit to the buyer, attorney fees, a survey, and commission per their listing agreement. Your attorney provides exact figures before closing.
When does the seller get paid after closing in Illinois?
Sellers usually receive their net proceeds by wire transfer on closing day, once the buyer's funds arrive and documents are signed. If a closing funds late in the day, the wire occasionally lands the next business day.
Do I need to attend my closing in Illinois?
Usually not. Many Illinois sellers pre-sign their closing documents with their attorney ahead of time, and the attorney attends closing on their behalf. Buyers almost always attend in person because they have loan documents to sign.
Selling Is a Big Step. You Don't Have to Manage It Alone.
The stretch between accepting an offer and closing day goes smoothest when someone is watching the deadlines, coordinating with the attorneys, and keeping the buyer's side on track. That's a big part of what I do for my sellers.
If you're thinking about selling in Arlington Heights, Palatine, Mount Prospect, or anywhere in the northwest suburbs, let's talk about what your timeline could look like. You can schedule a time to chat here or visit MyRealtorMari.com to learn more.
For a feel of life in the area, check out my YouTube channel, Life in the NW Burbs, or email me directly at [email protected].
