Answers

What happens during Illinois attorney review?

By Adam Lysinski, Attorney · Updated May 9, 2026

After signing, both sides have 5 business days for their attorneys to review and propose modifications. The window can result in agreement, modification, or termination.

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Short answer

After signing, both sides have 5 business days for their attorneys to review and propose modifications. The buyer's attorney typically proposes modifications related to inspection, financing, and possession. The seller's attorney calculates tax prorations and may counter-propose. If the parties cannot agree during the window, either side can declare the contract null and void.

The full picture

Illinois attorney review is the 5-business-day window built into the standard Illinois Multi-Board Residential Real Estate Contract. The window starts the day after contract signing. Saturdays, Sundays, and federal holidays are excluded from the count.

During this window, the buyer’s attorney typically reviews the contract for: inspection-contingency adequacy, financing-contingency drafting, escalation-clause review (if applicable), appraisal-gap risk allocation, possession-after-closing terms, closing-credit treatment, and any unusual seller-favorable provisions. The buyer’s attorney drafts proposed modifications addressing each.

The seller’s attorney typically reviews the contract for: tax-proration calculation (using the most recent property tax bill and the township’s reassessment cycle), title-related obligations, post-closing possession terms, and any unusual buyer-favorable provisions. The seller’s attorney calculates and proposes the tax-proration; the buyer’s attorney reviews and may counter-propose.

If the parties cannot agree on the proposed modifications during the 5-business-day window, either side can declare the contract null and void by written notice. The earnest money is returned. The transaction terminates. The attorney-review window is designed to give both sides one final professional review before the deal becomes binding.

Time-sensitive: the window is short. If you have just signed a contract and have not yet retained an attorney, call (773) 777-9888. Adam can typically engage same-day during business hours and prioritize the review of contracts already in active attorney review.

Related questions

What happens during Illinois attorney review?
After the buyer and seller sign the Illinois Multi-Board Residential Real Estate Contract, both sides have 5 business days for their attorneys to review and propose modifications. The buyer’s attorney may propose modifications related to inspection results, financing, possession, and risk allocation. The seller’s attorney calculates and proposes tax prorations and may counter-propose on the buyer’s modifications. If the parties cannot agree, either side can declare the contract null and void during this window.
How long is the attorney-review window?
5 business days, starting the day after contract signing. Saturdays, Sundays, and federal holidays do not count. The window can be extended by mutual written agreement of the parties.
Can attorney review be waived?
Yes, but rarely — and never wisely without the consent of one’s own attorney. The Illinois contract permits a party to waive attorney review by signing a written waiver, but the consequences are significant: no modifications can be proposed, no objections can be raised, no contract terms can be renegotiated. Waiving is functionally the same as accepting the contract exactly as signed. Buyers and sellers should not waive without their own attorney’s explicit advice that the specific contract is acceptable as-is.
What if my attorney and the other side’s attorney can’t agree?
If the parties cannot agree on the modifications during the 5-business-day window, either side can declare the contract null and void by written notice. The earnest money is returned. Both parties are released. This is a feature, not a bug — the attorney-review window is designed to give both sides one final professional review before the deal becomes binding.

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