After an offer is accepted in Illinois, the transaction moves into attorney review, inspection, financing, title work, and closing preparation.
Most financed home purchases in Chicago’s Northwest Suburbs close within about 30 to 45 days, although the exact timeline depends on the contract, loan, property, and any issues that come up along the way.
Here is what the process usually looks like.
Key Takeaways
- Attorney review and inspection often begin right after the offer is accepted.
- The deadlines are controlled by the contract and may vary from one transaction to another.
- Earnest money is usually due shortly after acceptance and is held in escrow.
- Buyers using a mortgage should expect an appraisal, underwriting, and final loan approval.
- Cook County property taxes are paid in arrears, so sellers usually give buyers a tax credit at closing.
- Most financed purchases close in 30 to 45 days. Some cash purchases can close sooner.
First, Take a Breath
An accepted offer is an exciting step, but there is still work to do before the home officially changes hands.
In many Illinois transactions, the early days of the contract include attorney review and a home inspection. These protections give the buyer and seller time to address legal, inspection, and contract concerns.
The exact rights and deadlines depend on the contract, so both parties should follow the guidance of their real estate attorneys.
If you are still preparing to make an offer, this guide to what to know before writing an offer in Illinois explains what buyers should consider before signing.
What Is the Attorney Review Period in Illinois?
Real estate attorneys are commonly involved in residential transactions throughout the Chicago area.
The attorney review period allows the buyer’s and seller’s attorneys to review the contract and propose changes. Depending on the form used, the review period may last several business days after acceptance.
Common issues addressed during attorney review include:
- Clarifying dates and deadlines
- Confirming which fixtures or personal property remain with the home
- Reviewing inspection concerns
- Adjusting contract language
- Addressing association, title, or property-specific questions
The contract may also give one or both parties certain rights to cancel during attorney review. Your attorney should explain exactly what applies to your transaction.
Attorney fees vary based on the firm, property type, and complexity of the purchase.
When Is Earnest Money Due?
Earnest money is the buyer’s good-faith deposit. The amount and deadline are written into the contract.
In many Northwest Suburban transactions, earnest money is due within a few business days after acceptance. Some contracts use one deposit, while others call for an initial deposit followed by an additional amount later.
Here is what to know:
- Earnest money is deposited into an escrow account, often held by a brokerage, attorney, or title company.
- The seller does not receive the money directly.
- At closing, the deposit is credited toward the buyer’s purchase expenses.
- Whether earnest money is returned when a contract ends depends on the contract terms and the reason for cancellation.
Buyers should submit earnest money on time and keep proof that the deposit was delivered.
What Happens During the Home Inspection?
The home inspection usually takes place early in the transaction, often during the same general period as attorney review.
A licensed inspector examines the home’s major visible systems and components, which may include:
- Roof and exterior
- Foundation and structure
- Electrical system
- Plumbing
- Heating and cooling
- Attic and insulation
- Basement or crawl space
- Windows, doors, and appliances
Many homes in Arlington Heights, Mount Prospect, Des Plaines, Palatine, and nearby communities were built several decades ago. Older sewer lines, electrical panels, drainage concerns, basement moisture, and aging mechanical systems may come up during the inspection.
Depending on the contract and the findings, the buyer may ask the seller to make repairs, provide a credit, or address specific safety or property concerns.
The inspection is not meant to create a list of every cosmetic flaw. It helps the buyer better understand the condition of the home and identify concerns that may affect the purchase.
This home inspection checklist for the Northwest Suburbs explains what buyers may want to look for before and during the inspection.
What Does the Lender Do After Acceptance?
If the buyer is financing the purchase, the mortgage process moves forward immediately after acceptance.
Formal Loan Application
The buyer completes the full mortgage application and provides updated financial documents. These may include pay stubs, tax returns, bank statements, identification, and proof of funds.
Appraisal
The lender usually orders an appraisal to help confirm that the property supports the agreed purchase price.
The appraiser considers the home’s condition, location, features, and recent comparable sales. The appraisal is for the lender’s benefit and is different from a home inspection.
Underwriting
During underwriting, the lender reviews the buyer’s finances, credit, employment, assets, debts, and the property itself.
It is common for the underwriter to request updated or additional documents. Buyers should respond quickly and avoid making major financial changes during this period.
Final Loan Approval
Once the lender has approved the borrower, appraisal, title work, insurance, and other required items, the loan may be cleared for closing.
For most mortgage transactions, the lender must provide the buyer with a Closing Disclosure at least three business days before closing. The Consumer Financial Protection Bureau explains what this document includes.
Between acceptance and closing, buyers should avoid:
- Opening new credit cards
- Financing a vehicle or large purchase
- Changing jobs without speaking with the lender
- Moving large amounts of money without documentation
- Missing payments
Lenders may recheck credit, employment, and finances before closing.
What Happens With Title, Insurance, and the Final Details?
While the loan is being processed, several other parts of the transaction move forward in the background.
Title Search
The title company researches the ownership history of the property and looks for liens, judgments, unpaid taxes, or other matters that may affect the transfer.
The seller may need to resolve title issues before closing. Title insurance helps protect against certain covered ownership claims that were not found before the purchase.
Homeowners Insurance
Buyers using a mortgage generally need homeowners insurance in place before closing.
Start shopping early. Insurance companies may consider the home’s age, roof, electrical system, claims history, location, replacement cost, and other factors.
If the home is in or near a mapped floodplain, ask about flood insurance before the inspection and attorney review deadlines pass.
Transfer Taxes and Property Tax Prorations
Illinois, Cook County, and some municipalities charge real estate transfer taxes. Responsibility for these taxes depends on state law, local rules, and the contract.
Property taxes in Cook County are paid in arrears. This means the most recent bill usually covers an earlier tax period.
At closing, the seller normally gives the buyer a credit for the seller’s share of taxes that have accrued but have not yet been paid. The proration formula is set by the contract.
This guide to how property taxes work in Cook County explains the process in more detail. Assessment information is also available through the Cook County Assessor’s Office.
What Happens at the Final Walkthrough?
The final walkthrough usually takes place shortly before closing.
It is not a second home inspection. The purpose is to confirm that:
- The home is in substantially the same condition as when the contract was signed
- Agreed repairs were completed
- Included fixtures and items are still present
- The seller removed personal belongings as required
- No new damage occurred during move-out
If a problem is found, the agents and attorneys work together to decide how it should be handled before or at closing.
What Happens on Closing Day?
Closing is the final step in the transaction.
Depending on the transaction, the buyer may attend in person, sign remotely, or have the attorney complete certain parts on the buyer’s behalf.
At closing:
- The buyer signs the mortgage and other loan documents.
- The seller signs the deed and transfer documents.
- The lender and buyer provide the required funds.
- The title company pays the seller’s mortgage, taxes, fees, and other charges.
- The deed and mortgage are prepared for recording.
- The buyer receives possession according to the contract.
In many transactions, that is when the buyer receives the keys.
How Long Does It Take to Close?
Most financed purchases in Chicago’s Northwest Suburbs close within about 30 to 45 days after acceptance.
The timeline may be shorter or longer depending on:
- The loan program
- The lender’s processing time
- The appraisal
- Attorney review and inspection negotiations
- Title issues
- Association documents
- The buyer’s and seller’s moving plans
Cash purchases may close more quickly because there is no mortgage underwriting process. The parties still need time for attorney review, inspection, title work, and closing preparation.
What Can Delay a Closing in Illinois?
Many transactions stay on schedule, but delays can happen.
Appraisal Problems
If the appraisal is lower than the contract price, the next step depends on the financing contingency and contract terms. The parties may renegotiate, challenge the appraisal, adjust the buyer’s financing, or end the transaction if the contract allows.
Underwriting Requests
Missing documents, unexplained deposits, employment changes, or new debt can slow down loan approval.
Title Issues
Old liens, estate matters, judgments, ownership questions, and missing releases may take time to resolve.
Inspection Disagreements
If the parties cannot agree on repairs or credits, attorney review and inspection negotiations may take longer.
Association Documents
Condominium and homeowners association purchases may require paid assessment letters, budgets, meeting minutes, insurance information, and other documents.
Municipal Requirements
Some communities require transfer stamps, final water readings, inspections, or compliance documents before closing.
Final Walkthrough Problems
Incomplete repairs, belongings left behind, damage, or delayed move-out can create last-minute concerns.
A responsive team makes a real difference. Clear communication between the buyer, seller, agents, attorneys, lender, and title company helps keep small issues from turning into larger delays.
If you are earlier in the process, this guide to buying a home in Chicago’s Northwest Suburbs covers the full journey from preapproval through closing.
Frequently Asked Questions
How long is attorney review in Illinois?
The attorney review period depends on the contract. Many commonly used residential contracts provide several business days for attorney review after acceptance.
Your attorney should confirm when the period begins, when it ends, and what rights each party has during that time.
Can a seller cancel after accepting an offer in Illinois?
A seller’s ability to cancel depends on the contract, attorney review provisions, contingencies, and circumstances.
Once the seller signs a contract, they should speak with their attorney before attempting to withdraw. Canceling without a contractual right may place the seller in breach.
How long does it take to close on a house in Illinois?
Many financed purchases close within 30 to 45 days. Cash purchases may close sooner, but the timeline still depends on attorney review, inspection, title work, and the parties’ agreement.
Is earnest money refundable in Illinois?
Earnest money may be returned when the contract is canceled under a valid contract provision, such as attorney review, inspection, financing, or another contingency.
If the buyer defaults without a contractual right to cancel, the seller may make a claim to the deposit. The escrow holder cannot always release disputed funds without written agreement or legal direction.
Do buyers need a real estate attorney in Illinois?
Illinois law does not require every residential buyer to hire an attorney, but attorneys are commonly used throughout the Chicago area.
A buyer’s attorney can review the contract, negotiate inspection matters, examine title documents, explain legal obligations, and help manage the closing.
Who pays transfer taxes in Cook County?
Responsibility varies by the type of transfer tax, the municipality, and the contract.
The seller commonly pays the Illinois state transfer tax. Cook County and municipal transfer taxes may be assigned differently. The attorneys and title company should confirm the exact charges for the property address.
When does the buyer receive the keys?
The buyer usually receives the keys after closing and funding, unless the contract provides for a different possession date or a post-closing possession agreement.
You Do Not Have to Track Every Detail Alone
The time between acceptance and closing has a lot of moving parts. Buyers and sellers do not need to manage every deadline by themselves.
Your agent, attorney, lender, inspector, and title company each have a role in keeping the transaction organized and helping you understand what comes next.
To talk through buying or selling in Arlington Heights, Palatine, Mount Prospect, Buffalo Grove, Wheeling, or another Northwest Suburban community, you can schedule a conversation or visit MyRealtorMari.com.
For neighborhood tours and local real estate guidance, visit Life in the NW Burbs on YouTube, or email [email protected].
This article provides general real estate information and is not legal, lending, tax, or financial advice. Contract terms, timelines, and local requirements vary. Buyers and sellers should consult their Illinois real estate attorney, lender, and other qualified professionals about their specific transaction.
