Residential Real Estate Attorney for Kane & DuPage County Buyers and Sellers

How an Illinois Home Purchase Moves from Contract to Closing

The steps below describe a typical financed purchase under the Multi-Board 8.0 contract. Your contract may change the defaults, so the dates written into your form control.

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.

What Sellers Should Expect

Illinois sellers of most one-to-four unit homes must complete the Residential Real Property Disclosure Report (765 ILCS 77) and provide the Illinois radon disclosure (420 ILCS 46). Homes built before 1978 also require the federal lead-based paint disclosure. Before closing, sellers order mortgage payoffs, schedule any required final water reading, and obtain municipal transfer stamps where the town requires one. Our Illinois home seller’s guide covers preparation and pricing.

Transfer Taxes and Local Requirements

Illinois imposes a state transfer tax of 50 cents per $500 of value, and counties may add 25 cents per $500 (35 ILCS 200/31). The buyer and seller file an Illinois Real Estate Transfer Declaration (PTAX-203). Many towns add their own stamp or inspection requirement. A few examples from our service area:

• St. Charles: the City states it does not require a municipal transfer tax or stamp.
• Naperville: $1.50 per $500 of purchase price, paid by the buyer.
• Wheaton: $2.50 per $1,000 of sale price, paid by the buyer.
• Aurora and Carol Stream: $3 per $1,000 of sale price.
• Glendale Heights: a point-of-sale code inspection plus a village transfer stamp.

Local rules change. We confirm the current requirement for your town early so a missing stamp or inspection does not delay closing.

Kane and DuPage County Real Estate Pages

Each county records deeds and administers property tax exemptions differently. See our Kane County residential real estate and DuPage County residential real estate pages, or our pages for a St. Charles real estate attorney, a Wheaton real estate attorney and a Naperville residential real estate attorney.

Guides for Buyers and Sellers

• Our Illinois home buyer’s guide walks through the purchase from pre-approval to closing.
• The earnest-money guide explains deposits, escrowees and refunds under the 8.0 contract.
• Our article on the attorney review period explains what can be changed and when the contract becomes binding.
• Our post on the NAR settlement changes explains buyer agency agreements and commissions.
• Download our free first-time home buyer guide.

Protect Yourself from Wire Fraud

Criminals impersonate attorneys, agents and title companies by email and send fake wiring instructions. Before you wire closing funds, call the title company at a number you already know, not one from the email, and confirm the instructions by voice. We will never change wiring instructions by email.

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.