State guide

Buying or Selling a Home in Illinois: What You Need to Know

Illinois real estate has some distinctive consumer protections — a 5-business-day attorney review period on standard contracts, a sweeping seller disclosure form, mandatory radon disclosure, and one of the country's broadest fair housing laws.

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TL;DR

Illinois real estate has some distinctive consumer protections — a 5-business-day attorney review period on standard contracts, a sweeping seller disclosure form, mandatory radon disclosure, and one of the country's broadest fair housing laws. Closings are run by title companies, but in the Chicago area both buyers and sellers usually hire their own real estate attorney too. Transfer taxes stack — state, county, and often city — so budget for them when you sell or buy.

10 things every Illinois buyer or seller should know

  • Illinois' standard residential purchase contract gives both the buyer's and seller's attorneys 5 business days after contract acceptance to review the deal and propose changes. During that window, either side's attorney can disapprove the contract in writing, which voids the deal and returns the buyer's earnest money.

  • Illinois sellers must complete the Residential Real Property Disclosure Report under 765 ILCS 77 and hand it to the buyer before the buyer makes an offer. The 23-item form covers things like roof leaks, basement seepage, structural defects, plumbing and electrical issues, and known environmental contamination — sellers only have to disclose what they actually know.

  • The Illinois Radon Awareness Act requires sellers of residential property to give buyers a state-approved disclosure covering any known radon hazard or test results and reminding the buyer of their right to test for radon before closing. Both the disclosure and the right-to-test notice are mandatory, even when the seller has no radon information to share.

  • Illinois uses 'designated agency' as its default agency model: the managing broker assigns specific agents to represent the buyer and seller exclusively, even when both agents work at the same firm. A written agency disclosure must be given to you before you sign a brokerage agreement or before an agent shows you property — whichever comes first.

  • Illinois sellers pay a state real estate transfer tax of $1.00 per $1,000 of sale price, collected by the county recorder when the deed is recorded. Cook County adds another $0.50 per $1,000, and many municipalities — including Chicago — layer on additional transfer taxes that can substantially increase the total bill.

  • If you're selling a condo in Illinois, Section 22.1 of the Condominium Property Act requires your condo association to provide a disclosure package within 30 days of your written request. The package must include the declaration, bylaws, rules, current budget, balance sheet, any unpaid assessments tied to your unit, and any pending litigation against the association.

  • Illinois fair housing protections go well beyond federal law. Under the Illinois Human Rights Act (775 ILCS 5/3-102), it is illegal to discriminate in housing based on race, religion, sex, disability, familial status, ancestry, age, marital status, military status, sexual orientation, gender identity, or source of income — which includes Section 8 housing vouchers and other government assistance.

  • Since the NAR settlement took effect on August 17, 2024, any MLS-member agent in Illinois must have a signed written buyer representation agreement with you before touring a home with you — including virtual tours. The agreement must state how much the agent will be paid, make clear that compensation is negotiable and not set by any MLS, and describe the services the agent will provide.

  • Federal law (not a separate Illinois statute) controls lead-paint disclosure on any home built before 1978. The seller must give the buyer an EPA-approved lead-based paint disclosure form, the 'Protect Your Family From Lead in Your Home' booklet, and a 10-day window to inspect or test for lead before the buyer is bound to the contract.

  • Illinois closings are handled by title companies that perform the title search, issue title insurance, hold escrow, and record the deed. In the Chicago area and the collar counties (Cook, DuPage, Kane, Lake, McHenry, Will), it is also standard practice for both the buyer and seller to hire their own real estate attorney to negotiate during the attorney review period and oversee the closing.

The guides

Common questions

What is Illinois' attorney review period and how does it work?
Illinois' standard residential purchase contracts (like the Multi-Board Residential Contract used around Chicago) give both sides' attorneys 5 business days after the contract is accepted to review the deal and propose changes. During that window, either attorney can disapprove the contract in writing, which voids the deal and returns the buyer's earnest money. It's a critical safety net — use it to negotiate inspection-related fixes or to back out if something is seriously wrong.
Do I need a real estate attorney to buy or sell a home in Illinois?
Illinois doesn't legally require you to hire an attorney for a residential closing — title companies handle most closings. But in the Chicago area and the collar counties (Cook, DuPage, Kane, Lake, McHenry, Will), it's standard for both buyer and seller to retain their own real estate attorney. The attorneys negotiate during the attorney review period, review the title commitment, and oversee or attend the closing.
What does the seller have to tell me about the home before I make an offer?
Illinois sellers must give you a Residential Real Property Disclosure Report under 765 ILCS 77 before you make an offer. The form has 23 questions covering roof problems, basement seepage, structural defects, plumbing and electrical issues, underground storage tanks, environmental contamination, and any other conditions the seller knows materially affect the property. Sellers don't have to inspect — only disclose what they actually know — but lying on the form can give you the right to rescind the contract or sue for damages.
Do I have to test for radon when buying a home in Illinois?
No, but Illinois law guarantees your right to test. The Illinois Radon Awareness Act requires the seller to give you a state-approved disclosure form covering any known radon issues and reminding you that you can test for radon before closing. Radon levels are elevated in many parts of Illinois soil, and testing is inexpensive — it's worth doing, especially for homes with finished basements.
How much will I pay in transfer taxes when I sell my Illinois home?
As the seller, you pay Illinois state transfer tax of $1.00 per $1,000 of sale price. If the property is in Cook County, add another $0.50 per $1,000. Many municipalities add their own transfer taxes on top of that — Chicago has a buyer-paid municipal transfer tax of roughly $10.50 per $1,000 of sale price, so Chicago city transactions are unique in that the buyer carries a much larger share of the transfer tax burden.
I'm selling a condo — what do I have to give the buyer?
Under Section 22.1 of the Illinois Condominium Property Act, your condo association must provide a disclosure package within 30 days of your written request. The package must include the declaration, bylaws, and rules; the current budget and balance sheet; any unpaid assessments on your unit; any pending litigation against the association; and the most recent reserve study if one exists. Request these documents early — the 30-day window can delay closing if you wait.
Do I have to sign a buyer's agent agreement before seeing homes?
Yes. Since the NAR settlement took effect on August 17, 2024, any MLS-member agent in Illinois — including those working under MRED and the Chicago Association of REALTORS — must have a signed written buyer representation agreement in place before touring a home with you, in person or virtually. The agreement must state how the agent will be paid, make clear that compensation is negotiable, and describe what services the agent will provide.
Can a single agent represent both me and the other side of the deal?
Illinois allows dual agency, but only with written informed consent from both parties under 225 ILCS 454/15-45. The agent must explain in writing that they cannot advocate for either side on price or terms, cannot share one party's confidential information with the other, and how they are compensated. Most Illinois firms use designated agency instead — different agents from the same firm represent each side — to avoid those conflicts entirely.
Can a landlord or seller refuse me because I have a housing voucher?
No. The Illinois Human Rights Act protects 'source of income' statewide, so a landlord or seller cannot refuse to show, rent, or sell housing because you intend to pay with a Section 8 housing voucher, SSI, or other government assistance. This is in addition to fair housing protections covering race, religion, sex, disability, familial status, sexual orientation, gender identity, and several other classes.
I'm buying a home built before 1978 — what should I know about lead paint?
Federal law (not Illinois state law) requires sellers of any home built before 1978 to give you an EPA-approved lead-based paint disclosure, the 'Protect Your Family From Lead in Your Home' booklet, and a 10-day window to inspect or test for lead before you're bound to the contract. The 10-day inspection right is separate from any other inspection period in your purchase contract and you can waive it in writing if you choose.

Glossary

2 terms
NAR — National Association of Realtors
The national trade group for real-estate agents. The 2024 NAR settlement is the legal deal that changed how buyer's agents get paid.
MLS — Multiple Listing Service
The shared database agents use to list and find homes for sale. Most homes you'll see online started here.