Overview Illinois' escrow process is similar to other attorney review states in that a real estate attorney is used to consummate the transaction and prepare all the closing documents.

There is likely to be an "attorney review" period 5 days is customary at the beginning of the process before the contract is finalized and either party can walk away. In Illinois, buyer and seller often consummate the transaction at the same closing or ' settlement ' table. Step by Step Part 1: Attorney review, inspections and credits These are the initial tasks once a buyer is in contract, and are most often done in parallel to Part 2: It's best to start as early as possible and be ready to produce lots of documentation.

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The following is the general process in Illinois:. The closing process itself takes place at one table either at the office of an attorney or title company , where buyers sign all documents related to their loan and the transaction itself.

After all documents are signed and payments exchanged, buyers generally take possession of the keys unless a separate agreement has been reached to allow the seller stay in the property for a period after closing.

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The detailed steps that make up closing are:. This document is a community edited guide, is not legal advice, and is subject to changes, modifications, and may contain inaccuracies or out-of-date information. See our terms of service for more information.

Illinois Homebuying and Closing Process - Amitree

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