Illinois process · buyer view

The Illinois Home-Buying Process: Your Step-by-Step Checklist

This checklist walks you through buying a home in Illinois from the first lender call to picking up the keys.

Phase 1 of 7 · typically 2-6 weeks

Pre-Offer

Before you tour homes you'll get your money in order, line up a buyer's agent on a written agreement, and read the seller disclosures that come with any home you're seriously considering.

Check your credit and savings
YouBefore you talk to a lender
Pull your credit report from all three bureaus and add up the cash you have for a down payment, closing costs, and reserves. A higher score and more savings will get you better loan terms.
You'll need
- Credit report
- Bank and investment statements
- Recent pay stubs
Cost: $0
Get pre-approved for a mortgage
LenderBefore you start touring homes
Contact 2-3 lenders to compare rates and closing costs. Pre-approval tells you the price range you can shop in and shows sellers that you can actually buy the home.
You'll need
- W-2s (last 2 years)
- Pay stubs (last 30 days)
- Bank statements (last 2 months)
- Photo ID
Cost: $0
Sign a written buyer representation agreement before touring
Your agentBefore you tour your first home
After the NAR settlement, any agent who is part of a MLS must have a written agreement with you before showing you a home. The agreement spells out how much your agent will be paid, that the amount is negotiable, and what your agent will do for you.
You'll need
- Buyer representation agreement
Cost: $0
Get the written agency disclosure from your broker
Your agentBefore signing the brokerage agreement or seeing your first home
Illinois law requires your broker to give you a written agency disclosure before they enter into a brokerage agreement or show you property, whichever comes first. It tells you whether they are working for you, the seller, or both as a designated agent.
You'll need
- Agency disclosure form
Cost: $0
Review the seller's Residential Real Property Disclosure Report
Seller's sideBefore you write an offer on a specific home
Illinois sellers must give you a written Disclosure Report before you make an offer. It covers known issues like roof leaks, basement flooding, structural defects, and environmental problems. Read every item and ask questions about anything marked yes.
You'll need
- Illinois Residential Real Property Disclosure Report
Cost: $0
Review the lead-based paint disclosure for older homes
Seller's sideBefore you write an offer on a pre-1978 home
If the home was built before 1978, federal law requires the seller to give you a lead-based paint disclosure and the EPA pamphlet on lead. You also get 10 days to test for lead at your own cost before you are bound to the deal.
You'll need
- Lead-based paint disclosure form
- EPA "Protect Your Family From Lead" pamphlet
Cost: $0
Review the Illinois radon disclosure
Seller's sideBefore you write an offer
Illinois sellers of residential property must give you a state radon disclosure form. It tells you about any known radon test results and reminds you that you have the right to test for radon before closing.
You'll need
- Illinois radon disclosure form
- Illinois EPA radon pamphlet
Cost: $0

Phase 2 of 7 · typically 1-7 days

Offer

You and your agent draft the offer, attach the right contingencies, and send earnest money so the seller takes you seriously.

Decide on offer price and terms with your agent
Your agentRight before writing the offer
Look at recent sales of similar homes nearby and the seller's days on market. Your agent will help you pick a price, closing date, and any seller credits you want to ask for.
You'll need
- Comparable sales report
Cost: $0
Sign the Multi-Board Residential Real Estate Contract
Your agentWhen you submit your offer
In the Chicagoland area and most collar counties, offers are written on the Multi-Board Residential Real Estate Contract published by the Chicago Association of REALTORS and Illinois REALTORS. It covers price, earnest money, financing and inspection contingencies, attorney review, closing date, and tax prorations.
You'll need
- Multi-Board Residential Real Estate Contract
- Pre-approval letter
Cost: $0
Choose your contingencies
Your agentWhen drafting your offer
Contingencies are escape hatches that let you cancel and get your earnest money back if something goes wrong. Common ones in Illinois are inspection, financing, attorney review, and appraisal.
Cost: $0
Send earnest money to the listing broker's trust account
Your agentWithin a day or two of an accepted offer
Earnest money shows the seller you're serious. In Illinois the broker who receives your check must deposit it into a managing broker's federally insured trust account within 24 hours, so don't be surprised if your bank shows the withdrawal right away.
You'll need
- Earnest money check or wire confirmation
Cost: $1,000-$10,000 typical
Wait for the seller's response
YouWithin hours to a few days of submitting your offer
The seller can accept, reject, or counter your offer. If you get a counter, work with your agent on a quick reply so you don't lose the home to another buyer.
Cost: $0

Phase 3 of 7 · typically 5-10 days

Under Contract

Once the seller signs your offer, you have a short window to hire your attorney, open title and escrow, and lock in your closing logistics.

Hire a real estate attorney
AttorneyWithin 1-2 business days of contract acceptance
Illinois transactions almost always involve attorneys for both sides, especially in Cook County and the collar counties. Your attorney reviews the contract, negotiates fixes, looks at title, and attends or supervises your closing.
You'll need
- Signed contract
- Photo ID
Cost: $500-$1,500 flat fee typical
Use the 5-business-day attorney review and modification period
AttorneyWithin 5 business days of contract acceptance
The Multi-Board contract gives each side 5 business days after acceptance to have their attorney review and propose changes. Your attorney can ask for fixes to repairs, title, or other terms, and can cancel the contract on your behalf if needed.
You'll need
- Signed contract
Cost: Included in attorney fee
Open title and escrow with a title company
Escrow / titleWithin 1 week of contract acceptance
Illinois is mostly a title-state, which means a title company runs the closing and issues title insurance. They'll order a title search, prepare the title commitment, and hold the funds in escrow until closing.
You'll need
- Signed contract
- Earnest money receipt
Cost: Paid at closing
Confirm your closing date and location
Your agentWithin a week of going under contract
Your contract has a closing date but the time and place often get set later. Coordinate with your agent, attorney, lender, and title company so everyone is ready.
Cost: $0
Shop for homeowner's insurance
You1-2 weeks before closing at the latest
Your lender will require a homeowner's insurance policy that starts the day you close. Get quotes from at least two carriers and share the binder with your lender and title company.
You'll need
- Address and basic info about the home
Cost: $800-$2,500 per year typical

Phase 4 of 7 · typically 5-10 days from acceptance

Inspection

You hire an inspector, learn what's really going on with the home, and negotiate repairs or credits with the seller.

Hire a licensed home inspector
InspectorWithin a few days of contract acceptance
Pick an inspector who's licensed in Illinois and who you'll attend the inspection with. Expect a 2-4 hour visit that covers the roof, foundation, HVAC, plumbing, electrical, and appliances.
You'll need
- Inspector's license info
- Inspection scheduling form
Cost: $400-$700 typical
Attend the inspection in person
YouOn inspection day
Walk the home with the inspector so you can see issues firsthand and ask questions. Bring a notebook and a phone for photos.
Cost: $0
Order a radon test if you want one
InspectorScheduled with the home inspection
Illinois reminds buyers in the radon disclosure that you can test for radon before closing. Many inspectors will place a radon test during the home inspection for an extra fee.
Cost: $100-$200 typical
Negotiate repairs or credits with the seller
AttorneyWithin the inspection contingency window
After the inspection, your agent and attorney will send the seller a list of requested fixes or credits. The seller can agree, refuse, or counter. Most contracts give you a set window, often 5-10 business days, to work this out.
You'll need
- Inspection report
- Repair request letter
Cost: $0
Decide whether to move forward or back out
YouBefore the inspection contingency expires
If the inspection turned up something you can't live with and the seller won't fix it, your attorney can cancel the contract through the inspection contingency. If you're satisfied, send written approval and move on.
Cost: $0

Phase 5 of 7 · typically 2-4 weeks

Loan and Appraisal

Your lender finishes underwriting your loan and orders an appraisal to confirm the home is worth the price.

Submit your full loan application
LenderWithin 5 days of contract acceptance
After your offer is accepted, your lender will ask for a complete application along with updated income, asset, and debt documents. Respond fast — the clock for closing is running.
You'll need
- Pay stubs
- Bank statements
- Tax returns
- Signed contract
Cost: $0
Let the lender order the appraisal
Lender1-3 weeks before closing
Your lender hires an independent appraiser to value the home. You'll pay the appraisal fee, but you cannot pick the appraiser directly. If the appraisal comes in low, your attorney and agent can renegotiate price or you can add cash to close the gap.
Cost: $500-$700 typical
Complete PLDA counseling if your loan is high-cost
LenderBefore clear-to-close, if it applies
If the property is in Cook County or another county in the Predatory Lending Database program and your loan is classified as high-cost under Illinois law, you must meet with a HUD-approved housing counselor before the loan can close.
You'll need
- Loan estimate
- Counseling certificate
Cost: $0-$50 typical
Lock your interest rate
LenderOnce you're under contract and pricing looks good
Once you're comfortable with the rate your lender is offering, ask them to lock it in writing. Locks usually last 30-60 days, so line the lock up with your closing date.
You'll need
- Rate lock confirmation
Cost: Usually included with the loan
Respond quickly to lender document requests
YouThroughout underwriting
Underwriters will ask for follow-up documents like updated pay stubs, letters of explanation for deposits, or proof of paid-off debts. Same-day replies are the difference between closing on time and missing your date.
You'll need
- Whatever the underwriter asks for
Cost: $0

Phase 6 of 7 · typically 5-10 days before closing

Pre-Closing

All the last-minute paperwork gets reviewed, you do your final walkthrough, and you wire the funds you need at closing.

Receive your clear-to-close from the lender
Lender3-7 days before closing
Once underwriting signs off on every condition, your lender will issue a clear-to-close. That's your green light that the loan funds will be ready on closing day.
Cost: $0
Review your Closing Disclosure
LenderAt least 3 business days before closing
Federal law requires your lender to send the Closing Disclosure at least 3 business days before closing. Read it line by line and compare it to your Loan Estimate. Flag any surprise fees to your lender or attorney immediately.
You'll need
- Closing Disclosure
- Loan Estimate
Cost: $0
Review the condo 22.1 documents if you're buying a condo
Seller's sideBefore closing
If you're buying a condo in Illinois, the seller must request and deliver a Section 22.1 disclosure package from the condo association within 30 days. It includes the declaration, bylaws, current budget, balance sheet, any pending special assessments, and the status of the reserves.
You'll need
- Section 22.1 disclosure package
Cost: $200-$400 association fee typical
Review the HOA disclosure if you're buying in a planned community
Seller's sideBefore closing
If the home is in a townhome or planned community with an association, Illinois law requires the seller to deliver a written disclosure showing current assessments, special assessments, litigation, and the reserve balance.
You'll need
- HOA disclosure statement
- Declaration, bylaws, and rules
Cost: $100-$300 association fee typical
Do the final walkthrough
Your agent1-2 days before closing
Within 24-48 hours of closing, walk the home with your agent to confirm any agreed repairs are done, included appliances are still there, and the place is in the condition you agreed to.
You'll need
- Repair request letter
- Inspection report
Cost: $0
Wire your down payment and closing costs
You1-2 business days before closing
The title company will give you wire instructions for the amount of money you need to bring. Call the title company at a known number to verify the wire details before sending — wire fraud is the most common scam in real estate.
You'll need
- Verified wire instructions
- Closing Disclosure
Cost: Down payment plus closing costs

Phase 7 of 7 · typically 1 day

Closing

You sign the final paperwork at the title company, taxes are paid, the deed is recorded, and you get the keys.

Bring your ID and any required paperwork
YouOn closing day
Show up with a government-issued photo ID, your driver's license or passport, and any documents the title company or lender told you to bring. Some closings still need certified checks for small extra amounts.
You'll need
- Government-issued photo ID
- Cashier's check if requested
Cost: $0
Sign your loan and closing documents at the title company
Escrow / titleOn closing day
You'll sign the mortgage note, the deed of trust or mortgage, the Closing Disclosure, the title commitment, and a stack of lender disclosures. The title company supervises the signing and records the deed afterward.
You'll need
- Closing Disclosure
- Loan documents
- Title documents
Cost: Title and recording fees included in closing costs
Pay any transfer taxes you owe as the buyer
Escrow / titleAt closing
The Illinois state transfer tax is paid by the seller, but if the home is in Chicago, the buyer pays the Chicago Real Property Transfer Tax and the CTA surcharge — about $10.50 per $1,000 of price as of 2025. Your closing statement will list any transfer taxes you owe.
You'll need
- Closing Disclosure
Cost: Varies by location and price
Get the keys and your recorded deed
Escrow / titleEnd of closing day
Once the lender funds the loan and the title company records the deed at the county recorder, you're officially the owner. The title company will hand over keys, garage remotes, and a copy of the recorded deed.
You'll need
- Copy of recorded deed
- Title insurance policy
Cost: $0

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Last updated May 15, 2026