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The Illinois residential closing process
Knowing the sequence of an Illinois real-estate closing helps buyers and sellers track where they are and what could go wrong at each step.
An Illinois residential real-estate closing follows a relatively predictable sequence from contract signing through deed recording. Knowing the sequence helps both buyers and sellers track where they are, what's coming next, and what could go wrong at each step.
Day 0 — Contract signing
Both parties sign the Illinois Multi-Board Residential Real Estate Contract. Earnest money is delivered to the seller's brokerage or title company. The 5-business-day attorney-review window begins the next business day.
What can go wrong: contract terms accepted that should have been negotiated; missing inspection contingency; unclear possession terms; missing or incomplete escalation clause; financing contingency too short or too long.
Days 1-5 — Attorney review
Both attorneys review the contract. The buyer's attorney typically focuses on inspection-contingency adequacy, financing-contingency drafting, escalation clause review (if applicable), appraisal-gap risk allocation, possession-after-closing terms, closing-credit treatment. The seller's attorney calculates and proposes tax prorations, reviews title-related obligations, and evaluates buyer-favorable terms.
Modifications are drafted, exchanged, counter-proposed, and either agreed or rejected. If the parties cannot agree by the end of the window, either side can declare the contract null and void. Earnest money is returned.
Days 1-10 — Inspection contingency (overlapping)
The buyer schedules a property inspection during the inspection-contingency window. The inspection report identifies issues. The buyer's attorney drafts inspection-response demands — repairs, credits, or contract termination based on findings.
The seller's attorney responds, typically with counter-proposals on the most expensive items. The parties negotiate. The economic terms of the deal often shift here based on inspection findings.
Days 5-21 — Title commitment review
The title company issues a title commitment listing every exception, easement, lien, restrictive covenant, and survey issue. The buyer's attorney reviews each item. Some are standard and acceptable; some require objection; some may be deal-killers.
Objectionable items are negotiated — the seller may need to clear them before closing, or the buyer may need to accept them and adjust price or close anyway. Tax-proration calculations are finalized using the most recent property tax bill.
Days 21-35 — Mortgage processing (buyer side)
The buyer's lender processes the mortgage application, orders the appraisal, and issues a clear-to-close. The closing date is confirmed. The Closing Disclosure is delivered to the buyer at least 3 business days before closing.
The buyer's attorney reviews the Closing Disclosure for accuracy. The seller's attorney reviews for proper credits and prorations.
Closing day
All parties meet at the title company. Both attorneys conduct a final review of the closing statement. The buyer signs mortgage documents. Both parties sign the deed and ancillary documents. Funds are wired or delivered. The deed is delivered to the buyer.
Adam Lysinski personally attends every closing — no associate handoffs.
Post-closing — Recording
The title company records the deed with the County Recorder. Recording typically completes within 1-3 business days. Title insurance policies issue. The transaction is complete.
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