After an offer is accepted in Illinois, the contract enters attorney review and inspection, which typically last five business days each. The buyer then deposits earnest money, completes the mortgage application and appraisal, and the title company prepares for closing. Most Illinois home sales close within 30 to 45 days of acceptance.
That's the short version. Now let's walk through what each step actually looks like, especially here in Cook County and the northwest suburbs.
Key Takeaways
- Attorney review and inspection periods usually run about five business days from acceptance, and they happen at the same time.
- Earnest money is typically due within a few days of acceptance and is held in escrow, not handed to the seller.
- Buyers using a mortgage should expect an appraisal, underwriting, and a Closing Disclosure at least three business days before closing.
- In Cook County, property taxes are paid in arrears, so sellers give buyers a tax credit at closing.
- Most financed purchases close in 30 to 45 days. Cash deals can close in as little as two weeks.
First, Take a Breath. The Contract Isn't Final Yet.
A lot of people don't realize that in Illinois, an accepted offer is really the beginning of a short negotiation window, not the end of one.
That's because nearly every contract here is written with two protections built in: attorney review and the home inspection. Both give you a chance to address problems before you're fully locked in.
If you're still in the offer stage, my guide on what to know before writing an offer in Illinois walks through how those protections get built into the contract in the first place.
What Is the Attorney Review Period in Illinois?
In Illinois, it's standard practice for both the buyer and the seller to have a real estate attorney review the contract after acceptance. The review period is typically five business days, and it starts the day after the contract is signed.
During this window, the attorneys can propose modifications to the contract terms. Common changes include adjusting dates, clarifying what stays with the home, or addressing issues raised by the inspection.
Here's what this means for you: the deal is still flexible during attorney review. Either side can negotiate changes, and in some cases, either side can walk away. Once attorney review closes, the contract terms are set.
Attorney fees for a residential closing in the Chicago area typically run between $500 and $1,000. It's one of the better values in the whole transaction.
When Is Earnest Money Due?
Earnest money is your good-faith deposit, and it's usually due within one to three business days of acceptance. In the northwest suburbs, earnest money often ranges from 1% to 5% of the purchase price, depending on what was negotiated.
Two things to know:
- Your earnest money goes into an escrow account, usually held by the listing brokerage or the title company. The seller doesn't get it directly.
- At closing, that money is applied toward your down payment and closing costs. It's not an extra fee.
If the deal falls apart during attorney review or inspection under the terms of the contract, your earnest money is typically returned.
What Happens During the Home Inspection?
The inspection usually happens within the first five business days after acceptance, running at the same time as attorney review. Your inspector will spend two to three hours going through the home's major systems: roof, foundation, electrical, plumbing, HVAC, and more.
In our area, there are a few things inspectors pay close attention to. Many homes in Arlington Heights, Mount Prospect, and Des Plaines were built in the 1950s through 1970s, so aging sewer lines, older electrical panels, and basement moisture come up regularly.
After the inspection, you have options. You can ask the seller to make repairs, request a credit at closing, or accept the home as-is. Your attorney handles these requests during the review period.
If you want to know what to look for before you even get to this stage, my home inspection checklist for the northwest suburbs breaks it down room by room.
What Does Your Lender Do After Acceptance?
If you're financing the purchase, the clock starts right away. Here's the typical order:
Formal loan application. You'll submit your full application within a few days of acceptance, along with documents like pay stubs, tax returns, and bank statements.
Appraisal. Your lender orders an appraisal to confirm the home's value supports the loan. In the northwest suburbs, appraisals are usually completed within two to three weeks of acceptance.
Underwriting. This is the behind-the-scenes review of your finances and the property. Underwriters may ask for additional documents. That's normal, so respond quickly and don't panic.
Clear to close. Once underwriting signs off, you'll get the green light. Your lender must provide your Closing Disclosure at least three business days before closing, a federal rule explained well by the Consumer Financial Protection Bureau.
One important tip: don't open new credit cards, finance a car, or change jobs between acceptance and closing. Lenders re-check your credit before closing, and big changes can delay or derail your loan.
What Happens With Title, Insurance, and the Final Details?
While the loan moves through underwriting, a few other things happen quietly in the background.
Title search. A title company researches the property's history to confirm the seller can legally transfer ownership and that there are no surprise liens. Title insurance protects you if something was missed.
Homeowners insurance. Your lender requires proof of insurance before closing, so start shopping for a policy a few weeks ahead. If the home is near the Des Plaines River or in a mapped flood zone, ask about flood coverage early.
Transfer taxes and prorations. In Cook County, sellers typically pay the state and county transfer taxes, and some villages add a municipal transfer tax on top. Property taxes here are paid in arrears, which means the seller credits you at closing for taxes that haven't been billed yet. If that sounds confusing, my guide on how property taxes work in Cook County explains it in plain language, and the Cook County Assessor's Office is the official source for assessment details.
What Happens at the Final Walkthrough and Closing?
The final walkthrough usually happens within 24 to 48 hours before closing. This isn't a second inspection. You're simply confirming the home is in the condition you agreed to, any negotiated repairs were completed, and nothing was damaged during the move-out.
Closing day itself is calmer than most people expect. In Illinois, closings typically happen at a title company office, and your attorney attends with you or on your behalf. You'll sign the loan documents, the funds transfer, and the deed is recorded.
Then you get the keys. From accepted offer to closing day, most financed purchases in the northwest suburbs take 30 to 45 days. Cash purchases can close in two to three weeks.
What Can Delay a Closing in Illinois?
Most closings stay on schedule, but a few things can slow them down:
- Appraisal gaps. If the appraisal comes in below the contract price, the parties renegotiate or the buyer covers the difference.
- Underwriting requests. Missing documents are the most common delay, and the easiest to prevent.
- Title issues. Old liens or unclear ownership history take time to resolve.
- Repair disputes. If negotiated repairs aren't done before the walkthrough, closing can be pushed.
The best protection against delays is a responsive team: your agent, your attorney, and your lender all communicating early. That's a big part of my job between contract and closing, and it's why the process feels smoother with a local team that's done it many times.
If you're earlier in the process, my full guide on how to buy a home in the northwest Chicago suburbs covers everything from pre-approval to keys in hand.
FAQs
How long is the attorney review period in Illinois?
Attorney review in Illinois typically lasts five business days, starting the day after the contract is signed. During this window, attorneys for both sides can propose changes to the contract, and in many cases either party can still withdraw under the contract's terms.
Can a seller back out after accepting an offer in Illinois?
During the attorney review period, a seller may be able to withdraw or propose changes depending on the contract language. Once attorney review and inspection periods close, backing out becomes much harder and could put the seller in breach of contract.
How long does it take to close on a house in Illinois?
Most financed home purchases in Illinois close within 30 to 45 days of an accepted offer. Cash purchases can close in as little as two to three weeks since there's no mortgage underwriting or appraisal requirement.
Is earnest money refundable in Illinois?
Earnest money is typically refundable if the deal ends under a contract protection, such as attorney review, inspection, or a financing contingency. If a buyer walks away without a contractual reason, the seller may have a claim to the deposit.
Do you need an attorney to buy a house in Illinois?
Illinois doesn't legally require an attorney, but using one is standard practice across the Chicago area. Your attorney reviews the contract, negotiates modifications, resolves title questions, and represents you at closing, typically for $500 to $1,000.
Who pays transfer taxes in Cook County?
Sellers typically pay the Illinois state and Cook County transfer taxes. Some municipalities in the northwest suburbs also charge their own transfer tax, and who pays it varies by village, so check local rules early in the transaction.
You Don't Have to Track All of This Alone
The stretch between accepted offer and closing day has a lot of moving parts, but here's the good news: you're not the one who has to manage most of them. That's what your team is for.
If you're buying or selling in Arlington Heights, Palatine, Mount Prospect, or anywhere in the northwest suburbs, I'd be glad to walk you through what your timeline would look like. You can schedule a time to talk here or learn more at MyRealtorMari.com.
Want a feel for the area while you're house hunting? Come say hi on my YouTube channel, Life in the NW Burbs, or email me anytime at [email protected].
