The 5 business days that decide how much of the sale you keep.

What attorney review actually is

Illinois residential real estate contracts include a 5-business-day attorney modification period — commonly called attorney review. The clock starts the business day after the contract is fully signed by both parties. Saturdays, Sundays, and federal holidays do not count. The Multi-Board 8.0 contract used in most Chicago and suburban transactions allows either party's attorney to propose modifications, accept the contract as written, declare the contract void, or extend the period by mutual agreement.

This is the only window in the transaction where a contract provision can be changed without renegotiating the whole deal. Once attorney review closes, every modification requires the other side's voluntary cooperation — which they may have no reason to give.

What sellers should modify (in order of dollar impact)

1. Tax proration percentage and methodology

This is typically the largest dollar-value negotiation in attorney review. In Illinois, property taxes are paid in arrears — the bill arriving in 2026 covers 2025. At closing, the seller credits the buyer for the portion of the year the seller owned the property but for which the tax bill has not yet been issued.

The credit is calculated at a percentage of the most recent full-year tax bill: 100%, 105%, 110%, or sometimes more. The percentage is negotiable. The seller's attorney proposes — the buyer's attorney accepts, counters, or rejects. Title companies do not handle this negotiation. Their job is title insurance, escrow, and recording the deed.

Why the percentage matters: in townships where reassessments are scheduled, a 110% proration on a $12,000 annual bill costs the seller $1,200 more than a 100% proration. On a routine Cook County sale where reassessment is years away, that's $1,200 the seller didn't need to give up. Adam analyzes the specific township's reassessment cycle, recent tax-bill trends, and any pending appeals before proposing a percentage.

2. Possession date and per-diem

If you need to stay in the home after closing — to coordinate a move, complete a sale of replacement property, or finalize a lease at your next residence — attorney review is the time to negotiate post-closing possession. The buyer's attorney will typically require a per-diem fee, often calculated on the buyer's monthly carrying cost (mortgage, taxes, insurance) divided by 30. That number is negotiable. So is the deadline by which possession must be surrendered.

Sellers who skip this negotiation often end up paying more than they would have, or worse — staying without a written agreement and exposing themselves to a tenant-at-sufferance claim if the buyer changes mind.

3. As-is language and warranty scope

Illinois doesn't have implied warranties on used residential real estate, but the contract may include express warranties or representations — about the roof, the systems, the absence of mold, the absence of stigmatized history. As-is language can disclaim those. Strong as-is language protects the seller from post-closing claims about conditions that were visible during inspection. Weak as-is language leaves the seller exposed for years.

The buyer's attorney will resist broad as-is provisions. The seller's attorney negotiates a balance that is enforceable, marketable, and reflects the actual condition the seller disclosed.

4. Inspection contingency deadlines and scope

The standard contract gives the buyer a window to conduct inspections and request repairs or credits. The seller can — and often should — tighten the deadline, narrow the scope (structural and major mechanical only, not cosmetic), and cap the dollar amount of credits or repairs the seller will entertain.

Without these modifications, sellers regularly end up giving credits for items that were visible and priced into the offer.

5. Financing contingency and proof of pre-approval

If the buyer's offer was contingent on financing, attorney review is when the seller's attorney requires a documented pre-approval from a named lender, with a deadline by which the buyer must produce a clear-to-close letter. Without these guardrails, the seller can be locked in for 30+ days while the buyer struggles to find financing — with the seller's home off the market the entire time.

6. Earnest money handling and forfeiture conditions

Earnest money is the seller's primary protection if the buyer walks. The contract should specify: who holds it, when it becomes non-refundable, what conditions trigger forfeiture, and how disputes are resolved. Standard contract language is usually buyer-friendly — the seller's attorney tightens it.

Tax proration: how Illinois closings actually price the property-tax credit

Property taxes in Illinois are paid in arrears. The 2025 tax bill is paid in 2026 in two installments: the first installment is roughly 55% of the prior year's total, due in March; the second installment is the remainder, due in late summer or fall after the assessor finishes the reassessment. [Verified — Cook County Treasurer billing schedule.] When the property changes hands mid-year, the seller has occupied the property for part of the year that the buyer will eventually pay tax on. The closing has to settle that.

The tax-proration credit at closing transfers an estimated tax amount from seller to buyer. The math has three moving parts: (1) the most recent annual tax bill on the property; (2) the proration multiplier — in most Cook County contracts this is 105% to 110% of the most recent bill, since reassessments routinely move the bill upward; (3) the days of ownership in the proration period, typically January 1 through the day before closing.

Worked example: closing on June 15, 2026, on a Cook County property with a 2024 tax bill of $12,000 (most recent paid in 2025). At 105% multiplier, the projected 2025 tax bill is $12,600. From January 1, 2026 through June 14, 2026, is 165 days. The seller's share is $12,600 × (165 / 365) = $5,693.15. That credit appears on the buyer's side of the closing statement at closing. [Estimated — the multiplier and accrual period are negotiated between attorneys; numbers above are illustrative.]

Two seller-side decisions move real money:

The proration multiplier. The buyer's attorney usually proposes 110%; the seller's attorney usually counters at 100% to 105%. On a $20,000 tax bill, the gap between 100% and 110% is $2,000 — pure money out of the seller's pocket. Adam negotiates this on every Cook County closing. [Verified — Cook County practice.]

Reproration after the actual bill arrives. If the parties agree to reproration, the seller can claw back overpaid credit if the actual bill comes in below the projection — or owe more if it comes in above. Reproration provisions vary; without one, the proration is final at closing. Adam advises sellers individually on whether to push for or resist reproration based on the assessment trajectory in their township.

Special situations sellers most often miss

Estate sales and probate. If the seller is an executor or trustee selling the decedent's home, the contract has to be signed by the right person with the right authority. Adam reviews the letters of office or trust certification, confirms title vests cleanly, and drafts the trustee's deed or executor's deed (rather than the warranty deed used in ordinary sales). Estate-sale buyers often try to use boilerplate residential contracts; the seller's attorney pushes back on warranty language the executor cannot give in good faith. [Verified — 755 ILCS 5 (Probate Act).]

Divorce sales. If the property is being sold as part of a marital settlement, the proceeds split is usually dictated by the marital settlement agreement (MSA) or divorce judgment. Adam reviews the relevant order, coordinates with the divorce attorney, and ensures the proceeds wire instructions match what the court ordered. A botched proceeds split here causes real friction and sometimes a contempt motion.

Out-of-state sellers. Sellers who live in Florida, Wisconsin, or other states need representation that travels — documents must be properly notarized in the seller's jurisdiction, and sometimes signed before the seller's local notary with a remote online notarization (RON) tool. Adam handles out-of-state sellers regularly and coordinates the logistics so closing is not delayed by signature collection.

FSBO and unrepresented buyers. If the buyer is unrepresented, the seller's attorney has to be especially careful: Adam represents the seller, not the buyer, and the buyer is on notice that Adam's drafting is not impartial. The contract and disclosures still get the same scrutiny, but communication with an unrepresented buyer is documented in writing and limited to what the rules of professional conduct allow.

What Adam personally does for sellers

Every modification is sent over Adam's own signature. Every counter-proposal from the buyer's attorney comes to Adam first — he calls or emails you with the recommendation before responding. The 5-business-day window is too short and too consequential to delegate.

Adam has handled Illinois closings since 2003. He is licensed in Illinois, Wisconsin, New York, Texas, Minnesota, and D.C.* plus federal courts — useful when the seller has assets or a residence in another state. He's a former Illinois Licensed Managing Real Estate Broker and a Certified Mediator, so he understands the transaction from the broker's side as well as the legal side. Polish-language representation is available throughout the transaction.

How to start — before the clock runs out

If you've already signed a contract, attorney review is running right now. Call (773) 777-9888. Adam personally answers the call, confirms the scope, and tells you whether he can help before any commitment is made. Most seller-side closings are confirmed within 24 hours of first contact.

If you haven't signed yet — even better. Engaging Adam before the listing or contract is signed lets him review the listing language, review the broker's contract template, and position you for stronger attorney-review leverage from day one.