Buying Your Home - Frequently Asked Questions
Buying residential real estate can be both an exciting and stressful process. Our team can help with attorney review, inspection issues, financing and the closing.
Attorney review refers to the time frame in which buyers can hire an attorney to review the contract. During this period, the attorney may either cancel the contract for any reason other than the purchase price, or suggest modifications to its terms. The attorney review period typically lasts five business days from the date the seller signs the contract, though it can be extended if needed.
You may cancel the contract for any reason—other than the purchase price—within the first five business days. This time frame can be extended by having us send a letter to the seller’s attorney requesting an extension.
Yes, the standard Multi-Board contract includes a few provisions that can be challenging for many buyers to comply with. We have a standard letter we send on your behalf to help make these provisions easier for you to meet.
In Illinois, the majority of real estate buyers and sellers hire attorneys to handle their closings. While it’s not illegal to proceed without an attorney, the system in Illinois is designed with the expectation that attorneys will be involved in the closing process.
Yes. In some cases, our clients request a significant number of letters, counter-offers, or addendums, which may require us to adjust our fees accordingly. Additionally, if the volume of emails or phone calls becomes excessive, we may charge additional fees for ongoing communication. Clients will be notified in advance before any additional fees are applied.
Our fees are paid at closing and are included with the other closing costs. You’ll only need to bring one check, made payable to the title company. The title company will then distribute payments to the attorneys, realtors, lenders, and the seller.
Contact our office as soon as possible, and we will prepare an amendment to the contract to include the missing items.
A/I and AA refer to the attorney review and inspection time frames. This means your additional earnest money is due after both attorneys have reached an agreement on all repair requests.
If you have realtors, they will hold the earnest money. If not, our office can request the title company hold the Earnest Money.
A dual agent means your realtor is representing both you and the seller in the transaction. In our practice, this happens approximately 10% of the time.
The individuals listed as the buyers on the contract will be the ones taking title at closing.
It depends entirely on your lender. Some lenders allow it, while others do not. After discussing with your lender, if they agree that your spouse can be on the title without being on the mortgage, let us know, and we will handle it at closing.
In Illinois, inspections are not required, but nearly all buyers choose to have one. When purchasing a home in Illinois, you are buying it “as is,” and an inspection can help identify any major deficiencies in the property.
As soon as possible. Contact your realtor or us for recommendations for reputable home inspectors in your area as soon as the seller signs the contract. Ideally, the inspection should be completed within three days of the seller signing the contract.
It is not likely. The standard contract in Illinois only allows buyers to request repairs for a limited set of items, primarily major components (e.g., electrical, plumbing, HVAC) that are defective or non-operational at the time of inspection. The contract specifically states that just because an item is old or nearing the end of its useful life, it does not qualify as defective and cannot be requested for repair or replacement. Often, non-lawyers may encourage buyers to request cosmetic or non-covered repairs, which can lead to unnecessary negotiations, increased legal fees, and no legal basis in the contract. Remember, routine maintenance items such as HVAC servicing or cleanings are not part of your inspection contingency.
Your inspector should provide a summary report that highlights the major concerns or hazards of the home. If they don’t, you should ask them to create a separate summary page specifically outlining these issues.
The only time we are allowed to send any portion of the inspection request to the Sellers is if they specifically request it.
Yes and no. While both realtors and lawyers have experience with inspections, we are not licensed contractors and cannot assess whether something is a major issue or estimate repair costs. However, we can help you understand what your contract allows you to request and what it specifically does not.
Yes, but you will need to request an extension of the five-day period and obtain permission to have a contractor visit the seller’s property. If you think this is necessary, please contact us as soon as possible so we can assist you with the process.
No. You can only request repairs for items listed on the inspection report. Contact your inspector immediately and ask them to update the report.
Buyers have five business days from the date the seller signs the contract to complete the following steps:
- Have an inspection performed.
- Review the inspection report.
- Send us an email with a list of all the items you want the seller to repair or address based on the inspection report.
- Have our office send a formal letter to the seller’s attorney requesting the repairs be made.
Let us know as soon as possible if you’re unable to meet this deadline, and we will request an extension on your behalf. Please note that most extensions are only granted for a couple of business days, so time is of the essence.
As long as you are still within the first five business days of the seller signing the contract, you may cancel the contract by notifying our office in a timely manner. After this period, if an agreement with the seller over repairs cannot be reached, cancellation may still be possible.
That decision is entirely up to you. Your realtor can provide additional information and literature about radon and its potential hazards. You can also find a wealth of information online. In our practice, approximately one-third of buyers choose to have radon testing performed.
Yes. In most cases, we send the initial list of repair items to the seller and explain that we need an extension of the inspection time frame for the radon results. This helps expedite the attorney review process and ensures that your closing stays on schedule.
No. While you can still have an inspection performed and may cancel the contract within the first five business days if major issues are discovered, you cannot ask the seller to repair any items. The “as is” clause means the seller is not obligated to make repairs.
There is no set time frame for the seller to respond, but 2-3 business days is typical. If an agreement on the repair requests is not reached within ten business days of the seller signing the contract, either party may cancel the contract, and the buyer will receive their earnest money back.
The seller will provide receipts for the work performed. Additionally, you can verify many of the repairs during the walk-through prior to closing.
Yes, and they often do. While we cannot predict exactly how the seller will respond, most sellers will provide a counter-offer.
Yes and no. The seller has five business days to cancel the contract for any reason. After those five business days, if the buyer and seller cannot reach an agreement on the inspection items within ten business days, either party can cancel the contract.
Yes. If the contract is canceled due to inspection issues, your realtor will assist you in securing the return of your earnest money after the cancellation notices are sent.
It’s common for both buyers and sellers to feel that the other party is being unreasonable during negotiations. The key thing to remember is that purchasing a home is a business decision and a long-term investment. We encourage our clients to approach the situation with that mindset and to consider all areas of disagreement from a broader perspective.
Yes, if the seller agrees to it. In our attorney review letter, we can inform the seller that you are willing to accept a credit instead of having the repairs made.
No, you cannot specify the exact contractor, but you can request that the repairs be made by a licensed professional.
Ideally, you should receive the receipts a few days before closing. However, in practice, they are often provided at the closing itself.
No. Under no circumstances are buyers allowed to supervise or be present while the seller’s contractor performs repairs in the home.
It’s important to shop around for the right lender. In addition to comparing fees and interest rates, you should consider the lender’s responsiveness. We always recommend choosing the most responsive lender you can find, rather than just the cheapest. Slow or unresponsive lenders can cause significant delays and may push back your closing by weeks. Generally, smaller banks and mortgage brokers offer a higher level of service than larger institutions, though they may have higher interest rates. Your realtor and our firm can provide referrals to trusted lenders we’ve worked with in the past.
Whenever your lender requests something, be sure to provide it within 1-2 days and stay proactive. Regularly email or call your lender to check on the progress and ensure everything is on track.
Your lender requires an independent appraiser to assess the property’s value to ensure it meets the loan requirements. The lender should order the appraisal within two weeks of you signing the contract, so be sure to follow up with them to confirm it was ordered. Typically, you will need to pay for the appraisal, and most lenders charge a similar amount. You do not need to be present during the appraisal, though your realtor may choose to attend.
Depending on the language of your contract, you may have the option to cancel the contract or request that the seller lower the price to match the appraised value. The seller is not obligated to reduce the price. If the seller does not agree to lower the price, you can either pay the difference in cash or cancel the contract.
Great! You do not need to pay more for the house, and there’s no need to inform the sellers that the appraisal came in higher than the purchase price.
The mortgage contingency is one of the most important parts of your contract. It allows you to cancel the contract if you are unable to secure a loan by a specified date.
The “clear to close” date is a term used by lenders and lawyers to indicate your lender’s unconditional promise to provide you with the loan for the agreed-upon amount. If you receive a “clear to close” by your mortgage contingency date, it means you have satisfied the mortgage contingency.
The mortgage contingency date is the final date, as specified in your contract, by which your lender must issue a “clear to close.”
First, you should put pressure on your lender to meet this date, as failure to do so often indicates that your lender may not be ready to close on time and could request an extension of the closing date. Second, notify our office as soon as possible so we can request an extension from the seller on your behalf.
Yes, you can change your lender, but doing so may delay the closing. The seller may have the right to cancel the contract or seek damages unless they agree to extend the closing date due to the lender change.
The closing disclosure is a detailed breakdown of all the fees and costs associated with your closing.
Your lender should be sending you a Closing Disclosure, at least three business days before the closing, which outlines the closing costs, interest rate, and total funds needed for closing.
The closing is scheduled once your lender issues a clear to close. If you are purchasing with cash, we typically schedule the closing as soon as Attorney Review/Inspection is closed.
Unfortunately, no, you cannot choose the exact time. However, you can suggest times that work best for you, and we will do our best to accommodate your preferences.
The closing typically takes about two hours, but it may take longer/shorter depending on your lender. The closing must be scheduled to accommodate the schedules of several parties, including the buyer, seller, both attorneys, and the title company. If you’re closing at the end of the month, it can be more challenging to secure your preferred time, as title companies are busiest during that period.
- You and your spouse (if both of you are taking title).
- Money to close, either by wire transfer or cashier’s check.
- A photo ID.
- Proof of homeowner’s insurance.
The closing will take place at the title company closest to the property address. While the seller chooses the title company, there is typically one located within 15 minutes of the property.
At the closing, you will review and sign all of the lender’s documents and the seller’s documents.
Once the closing is scheduled, you will typically receive a closing confirmation from our office that includes the address and phone number of the title company. If the confirmation doesn’t include this information, you can search for the title company’s name and location online, as most contact details are publicly available. If you’re still unable to find it, feel free to call our office, and we’ll be happy to assist you.
We will review the fees with you line by line during the closing. If, after our review, you still believe something is incorrect, please let us know at the closing, and we will address it.
Typically, no. However, the home must be left in “broom clean” condition, meaning the floors are swept, but not necessarily spotless. If you’re concerned about the cleanliness of the home, it’s a good idea to have a cleaning crew scheduled for the day after closing.