Selling Your Home - Frequently Asked Questions

Selling your home takes a team of professionals. We specialize in representing sellers and have formed relationships with the area’s top surveyors, title companies and contractors to help you close quickly and inexpensively.

In Illinois, the majority of buyers and sellers hire attorneys to handle their closings. While it is not illegal to proceed without an attorney, the system is designed for attorneys to manage the process. Sellers, in particular, need attorneys to prepare several legal documents to clear the title and legally transfer the property to the buyers. Improperly prepared documents can lead to future legal issues, which is why most sellers choose to hire attorneys.

A/I and AA refer to the attorney review and inspection time frames. This means that the buyer’s additional earnest money is due after both attorneys have reached an agreement regarding 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 buyer in the transaction. In our practice, this happens approximately 10% of the time.

No.

Not unless you specifically request it, or a portion of it.

Yes, this is perfectly fine. Since our office, like most real estate attorneys, offers low flat fees for real estate closings, we try to keep costs down for our clients. Instead of drafting formal letters back and forth, which could incur additional charges, we make handwritten changes directly on the letter. These handwritten and signed letters are legally equivalent to a typed response.

No. While the buyer can still have an inspection performed and may cancel the contract within the first five business days if major issues are found, they cannot ask you to make any repairs.

There is no set time frame for responding, but 2-3 business days is standard. 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.

A survey typically costs between $500 and $700, depending on the size of the lot.

Usually not. The surveyors only need access to your yard, not your home. However, if your home has a gate, you will need to be there to let them in.

Absolutely – as long as they are licensed. Please let us know as soon as possible so we don’t duplicate efforts by ordering a survey on your behalf.

The Paid Assessment Letter (PAL) is a document that confirms the monthly assessment amount for your unit or home, states that the assessments are current, indicates the date of the last payment, and lists any amounts due at closing. In Illinois, this letter is required in order to sell your property.

We understand and agree—this is a common frustration. In recent years, many associations have hired management companies that outsource the preparation of Paid Assessment Letters and 22.1 Disclosure documents. These companies often charge excessive fees for generating relatively simple paperwork as a way to increase profits. Unfortunately, our office has no control over this—it’s a decision made by your specific association or its management company. We recommend raising the issue with your association’s Board to help prevent similar issues for future sellers.

No, lawyers typically only get involved in legally significant events in a transaction, and the buyer’s financing is not considered legally significant from the seller’s perspective. Additionally, lenders are not permitted to disclose many details regarding the buyer’s financing.

Closing costs can vary based on several factors. Below is a list of common expenses that most sellers typically pay in a standard closing:

  • Realtor fees: Usually 5–6% of the sale price.
  • Attorney fees: Please refer to our online calculator.
  • Title fees: These vary depending on the purchase price and generally range from $2,500 to $7,500. The average is around $3,000. Our office will provide an exact title fee quote within a couple of weeks of opening your file.
  • Survey (if applicable): Typically between $500 and $700.
  • Well and septic inspection (if applicable): Approximately $350.
  • Association paid assessment letter (if applicable): Between $200 and $500.
  • Taxes (varies): See the section below for more details.

In Illinois, real estate taxes are paid in arrears—meaning the taxes paid this year actually cover the previous year. Because of this, at closing, you’ll need to provide the buyer with a tax credit for the portion of the year you owned the property. This credit is typically prorated at either 105% or 110% of the last known tax bill, as a cushion for anticipated increases in property taxes.

Tax proration is based on last year’s tax bill and assumes a slight increase in taxes for the upcoming year—typically 105% (or sometimes 110%) of the previous bill. Here’s the basic formula:

Formula:
(Last year’s tax bill × 105%) ÷ 365 × number of days between the start of the tax period and the closing date.

Example:

  • Last year’s tax bill: $1,000
  • Closing date: January 31, 2025
  • Calculation:
    • $1,000 × 105% = $1,050
    • $1,050 ÷ 365 = $2.88 (daily rate)
    • $2.88 × 31 days = $89.28 (for 2025)
    • Add full 2018 proration: $1,050
    • Total tax proration credit to buyer: $1,139.28

Note:
Throughout the year, one installment of the tax bill may have already been paid, while the other may not. The proration formula may be adjusted accordingly based on what’s been paid or remains due at the time of closing.

Not exactly. While you’re welcome to suggest preferred times, the actual closing must be coordinated around the availability of several parties—including the buyer, the seller, both attorneys, and the title company. Scheduling becomes especially challenging near the end of the month, when title companies are at their busiest. Flexibility is important to help ensure everything comes together smoothly.

The closing will be held at a title company office near the property address. In most cases, there’s a title company within about 15 minutes of the property. Common locations include Gurnee, Vernon Hills, Lake Forest, Northbrook, Skokie, Irving Park, and downtown Chicago.

  • If you plan to attend the closing in person, be sure to bring:

    • Yourself and anyone else listed on the title
      (All title holders must be present to sign closing documents.)
    • A valid photo ID
      (Driver’s license, passport, or other government-issued ID.)
    • Funds, if required
      If you need to bring money to closing (e.g., to cover outstanding amounts), bring a cashier’s check made payable to the title company. Your attorney or the title company will let you know the exact amount in advance.

The property should be in “broom clean” condition at the time of the final walk-through. This means:

  • All personal belongings and debris must be removed
  • Floors should be swept
  • The home should be generally clean and empty

While it doesn’t need to be professionally cleaned, it should be in a condition where the buyer can move in without needing to clean up or haul anything away.