🏠 Residential Real Estate
Buying or Selling Your Home in Illinois
Overview
Residential real estate transactions involve the purchase, sale, or transfer of property used primarily as a home — single-family houses, condominiums, townhomes, and multi-unit buildings (up to 4 units). In Illinois, these transactions require careful legal oversight to protect both buyers and sellers.
As your real estate attorney, Elina handles every legal aspect of the transaction: reviewing and negotiating the purchase contract, examining title, coordinating with lenders and title companies, resolving issues that arise, and representing you at closing.
Technical Components
Contract Review & Attorney Modification
Illinois uses an “attorney review” period (typically 5 business days) during which your attorney can propose modifications to the purchase agreement. This is your opportunity to negotiate terms, add contingencies, or address concerns before the contract becomes fully binding.
Title Examination
A thorough title search reveals the property”s ownership history and uncovers potential issues: liens, judgments, easements, encroachments, unpaid taxes, or conflicting claims. Resolving title defects before closing is critical to ensuring you receive clear, marketable title.
Closing Document Preparation
Your attorney prepares or reviews all closing documents: the deed, bill of sale, title insurance commitment, closing disclosure, transfer declarations, and any required affidavits. Every document must be accurate to avoid post-closing complications.
Proration & Settlement Calculations
Property taxes, HOA dues, water bills, and other expenses are prorated between buyer and seller based on the closing date. Your attorney ensures these calculations are correct and that credits are properly applied.
Real-World Examples
Example 1: The Hidden Lien
A buyer was ready to close on a Chicago condo when the title search revealed an old mechanics lien from a contractor who had done work for a previous owner.
Resolution: Elina tracked down the contractor, confirmed the debt had been paid years ago, and obtained a lien release. The closing proceeded on schedule with clear title.
Example 2: Inspection Negotiation
An inspection revealed a failing HVAC system and water damage in the basement. The seller initially refused any repairs.
Resolution: Through attorney-to-attorney negotiation, Elina secured a $12,000 credit for the buyer — enough to address both issues — while keeping the deal on track.
Example 3: The Boundary Dispute
A survey showed that the seller”s fence encroached 2 feet onto the neighbor”s property.
Resolution: Elina negotiated a written easement agreement with the neighbor, allowing the fence to remain and protecting the buyer from future disputes.
Frequently Asked Questions
How long does a typical residential closing take?
Most residential transactions close within 30-45 days from contract acceptance. Cash deals can close faster (2-3 weeks), while complex situations or financing delays may extend the timeline.
What”s the difference between a condo and a townhome legally?
With a condo, you own your unit”s interior space and share ownership of common areas through the association. With a townhome, you typically own the structure and the land beneath it. Both involve association documents that require careful review.
Do I need an attorney if I”m paying cash?
Yes. While you won”t have lender requirements, you still need contract review, title examination, and closing representation. Cash buyers often face pressure to close quickly, making legal oversight even more important.
What happens if the seller doesn”t disclose a known defect?
Illinois law requires sellers to disclose known material defects. If a seller intentionally conceals a problem, they may be liable for damages even after closing. Document everything and consult your attorney if issues surface.
Can I back out during attorney review?
Yes. During the attorney review period, either party can terminate the contract for any reason (or no reason) by providing written notice. Once attorney review ends, backing out typically requires a valid contingency or breach by the other party.
