Naperville Residential Real Estate Attorney

The Naperville Purchase Timeline

Naperville transactions typically use the Multi-Board Residential Real Estate Contract 8.0. These defaults run from the Date of Acceptance unless your contract changes them.

1. Offer and acceptance. Most Kane and DuPage County deals use the Multi-Board Residential Real Estate Contract 8.0. The “Date of Acceptance” starts most of the deadlines that follow.
2. Earnest money. The deposit is due within the number of Business Days written into the contract and is usually held by a brokerage as escrowee. Our earnest-money guide explains who holds it and how contingencies protect it.
3. Attorney review. Under the 8.0 form, the attorneys generally have five Business Days after acceptance to approve, disapprove or propose changes. See our article on the attorney review period.
4. Inspection. If the inspection option is selected, notice of major-component defects is generally due within five Business Days. How the request is worded affects what the seller is being asked to do.
5. Financing and appraisal. The mortgage contingency date and any appraisal terms are tracked so that notice, if needed, is served on time.
6. Title, survey and association documents. We review the title commitment, plat of survey and, for condominiums and HOAs, the association disclosures before closing.
7. Closing. Lenders must provide the Closing Disclosure at least three business days before closing. We compare it, and the settlement statement, against the contract, credits and prorations, then attend closing.

For Naperville Sellers

Sellers provide the Residential Real Property Disclosure Report, the radon disclosure and, for homes built before 1978, the lead-based paint disclosure. Condominium sellers also provide the Section 22.1 disclosures. We order payoffs, review the title commitment for liens that must be cleared, coordinate the final water bill and prepare the deed. Our Illinois home seller’s guide has more detail.

For Naperville Buyers

Buyers should line up an attorney before or right after signing so the five-Business-Day attorney review window is not lost. Read our earnest-money guide and our article on the attorney review period, then see our Illinois home buyer’s guide. First-time buyers can download our free first-time home buyer guide.

Nearby Real Estate Pages

See our DuPage County residential real estate page for county-level information, our Wheaton real estate attorney page for Wheaton-specific rules, or the residential real estate practice page for all of our real estate resources.

Attorney Advertising. This page is general information only and is not legal advice. Reading it does not create an attorney-client relationship. Every transaction is different, contract forms and local rules change, and prior results do not guarantee a similar outcome. Contact an attorney about your specific situation.