Buying a home in Chicago: process and attorney reviewBuying a home in Chicago

Wang Law Firm, LLC · David Wang, Managing Attorney · Attorney-reviewed · Updated October 2026

Start here: ① Chicago-area home sales usually use the Multi-Board standard contract, and after signing there is a short attorney review period (currently, under version 8.0, 5 business days after acceptance of the offer), so it is best to have an attorney lined up before you sign; ② inspection, financing and condo documents each have their own deadlines, and missing one often means giving up the right; ③ you can buy a home on a visa or a green card, and whether you can get a loan and how much is decided by the lender; ④ before wiring the down payment and the balance, always verify the wire instructions using a phone number you already know; ⑤ whose name the home is in and how title is held affect future inheritance, divorce and taxes, so decide this when you sign the contract.

In Chicago and surrounding counties such as Cook, DuPage and Lake, the buyer and seller of a home usually each hire their own attorney. The attorney does not choose the home or negotiate the price for you; once you and the seller have agreed on a price, the attorney handles the legal issues at each stage: the contract, inspection, title, financing and closing. This page walks through the home buying process in chronological order and explains special situations Chinese-speaking buyers often encounter.

From contract to closing

Stage	Key points	What the attorney does
Offer and contract	The broker fills out the Multi-Board contract, both parties sign, and the date of acceptance is the “Date of Acceptance”	Can review the key terms before you sign; review begins immediately after signing
Attorney review period	Within 5 business days after the Date of Acceptance, the attorney may approve, propose modifications or disapprove	Reviews all terms and proposes modifications in writing to the other side’s attorney
Inspection	Under the inspection provision selected in the contract, inspect and make requests within the stated deadline	Drafts and negotiates repair or credit requests based on the inspection report
Financing	Apply for the loan on time, complete the appraisal, and obtain approval before the financing contingency date	Tracks the deadlines and, if needed, extends or terminates in writing
Title and survey	The title company issues a title commitment; a single-family home generally also needs a survey	Reviews the exceptions and requires the seller to clear them
Before closing	Final check of the home’s condition (final walk-through) and confirmation of funds	Reviews the closing statement and all closing documents
Closing and recording	Sign documents, pay, get the keys; the deed is sent to the county for recording	Attends closing and follows up on recording and post-closing matters

The contract and attorney review period

The most commonly used contract in the Chicago area is the Multi-Board Residential Real Estate Contract, developed jointly by organizations including the Illinois Real Estate Lawyers Association and the Chicago Association of REALTORS; the current version is 8.0, introduced in 2025.

Under the attorney review provision of version 8.0, within 5 business days after the Date of Acceptance, either party’s attorney may:

approve the contract;
disapprove the contract (but not based solely on price), in which case the contract terminates;
propose modifications (other than price). Such modifications are treated as a counteroffer, and if the parties have not reached written agreement on the modifications within 10 business days after the Date of Acceptance, either party may terminate the contract;
make suggestions that the contract states do not constitute a counteroffer; if the other side does not agree, the contract continues as is.

If no written notice is given during the review period, the right of review is deemed waived and the contract takes effect on its original terms. So “sign first, the attorney will review it anyway” can work, but only if you get the contract to the attorney immediately. Deadlines may differ between versions and riders; the contract text you sign controls.

Terms commonly modified in attorney review

the closing date, the possession date, and arrangements for the seller to remain in the home after closing (post-closing possession);
the list of appliances and personal property included in the sale;
the financing contingency deadline, loan type and amount;
the choice of inspection provision and its deadlines;
the amount of earnest money, who holds it, and the conditions for its return;
the seller’s representations and warranties, for example whether code violation notices have been received or whether there are unpermitted alterations;
the scope of the “as is” provision.

Inspection and negotiating repairs and credits

Version 8.0 offers several inspection options: waiving inspection, inspection with the right to request repairs, and inspection without the right to make requests (continue if satisfied, terminate if not). If you choose the option that allows requests, requests are generally limited to material defects in major components such as the structure, roof, plumbing and electrical, and HVAC; making requests about cosmetic issues such as finishes and paint, or normal wear and tear, may give the seller the right to terminate the contract. Based on the inspection report, the attorney picks out the items worth negotiating and proposes in writing repairs, a price reduction, or a credit at closing. The inspection period is very short, so we recommend booking a home inspector on the day you sign.

Financing contingency and appraisal

The financing contingency (formerly called the mortgage contingency) protects your right to “get out if you cannot get a loan.” The default arrangement in version 8.0 is: the buyer must apply for the loan and pay the application fees within 10 business days after the Date of Acceptance; the financing contingency date defaults to the earlier of 45 days after the Date of Acceptance or 5 business days before closing, and the parties may agree otherwise. Before that date, you need to give the seller the loan approval or give written notice that the loan was denied. If you do nothing, the financing contingency may be deemed waived, and you may then face a breach even if you cannot get the loan.

The appraisal is arranged by the lender. If the appraised value is below the purchase price, the loan amount may be reduced, and you may need to make up the difference or renegotiate. Version 8.0 has a separate rider for handling appraisal gaps, which the parties may agree to use or not. For an all-cash purchase you can omit the financing contingency, but you should still keep inspection and attorney review.

Title commitment, title insurance and survey

Before closing, the title company issues a title commitment showing whose name the property is currently titled in and the exceptions such as mortgages, liens, easements and restrictive covenants. The attorney checks each item: which are normally kept (such as utility easements) and which the seller must clear at closing (such as prior mortgages, mechanics liens and judgments). Under Chicago-area contract practice, the seller usually provides the commitment for the owner’s title insurance policy (owner’s policy); the lender’s title insurance policy (lender’s policy) protects the bank, not you.

Single-family homes and townhouses usually also require a survey, which shows where the house, garage and fences sit relative to the property lines, to find problems such as encroachments or buildings on the lot line. Condo units generally do not need a separate survey.

Buying a condo: 22.1 documents

When you buy a condo, Section 22.1 of the Illinois Condominium Property Act (765 ILCS 605/22.1) requires the seller to provide a prospective buyer with a set of documents, which the association must provide within 30 days after receiving a written request. They mainly include:

the declaration, bylaws, other condominium instruments, and rules and regulations;
a statement of any unpaid assessments and liens for the unit;
capital expenditures the association anticipates for the current fiscal year and the following two fiscal years;
the status and amount of the reserves;
the association’s most recent financial statement;
pending lawsuits or judgments involving the association;
a description of the insurance the association carries for all unit owners;
the seller’s statement that alterations within the unit comply with the condominium instruments;
the association’s principal office or the person designated to receive notices.

The condo provision of the 8.0 contract states that the seller must request these documents within 10 business days after the Date of Acceptance, and the buyer has 5 business days after receiving them to review them and may terminate the contract if they are not acceptable. The attorney focuses on whether the reserves are adequate, whether any special assessment has been approved or may be approved, rental restrictions, pet rules, and how litigation may affect the home’s value and financing.

Closing and recording

Closing is generally handled at the title company. Before closing, you receive the closing statement (ALTA settlement statement), and the attorney checks whether the price, earnest money, loan, credits and fees are correct. Cook County property taxes are paid “in arrears”: what you pay this year is last year’s tax, so at closing the seller credits the buyer for the not-yet-paid taxes for the days the seller owned the property. Transfer taxes are calculated under current state, county and city rules, and the state and county transfer taxes are usually paid by the seller; in the City of Chicago, the city portion of the city transfer tax is generally paid by the buyer and the CTA (public transit) portion is generally paid by the seller, subject to what the contract provides.

After closing, the deed is sent to the county recording office for recording; in Cook County, recording is handled by the Cook County Clerk. Once recording is complete, the title company issues the final title insurance policy.

After closing: applying for property tax exemptions

If the home is your principal residence, you can apply to the Cook County Assessor’s Office for the Homeowner Exemption; if you are 65 or older you can also apply for the Senior Exemption, among others. New owners must apply on their own initiative, and once approved the exemption usually renews automatically each year. Missed years can sometimes be remedied through a Certificate of Error. DuPage, Lake and other counties have their own offices and procedures.

Common situations for Chinese-speaking buyers

Buying a home in the U.S. for the first time

Many clients have bought property in China, but the U.S. process is different: there is no online contract registration as in China, and the attorney reviews the contract after it is signed; title relies on the title company’s search and insurance rather than a guarantee by a government registry; and property taxes are paid every year and are not small. We explain the deadlines and risks of each step clearly in Chinese and go through the English documents item by item.

Buying on a visa or a green card

Federal law does not prohibit foreign nationals or visa holders from buying a home. You can buy a home on an H-1B, F-1 or L-1, or with a green card. Whether you can get a loan, the down payment percentage and the interest rate are decided by the lender under its product rules; they are not legal questions. Buying a home itself does not confer any immigration status. If you are not in the U.S., or the seller is a foreign person, see Overseas buyers and sellers.

Funds wired from overseas

Sending funds out of China must comply with China’s foreign exchange rules; our firm does not give opinions on Chinese law. On the U.S. side: large wires are common, and banks and lenders may ask about the source of funds, so keep complete wire records, gift letters and similar documents; it is best to have the funds in place early so you do not discover a wire delay just before closing.

Wire fraud

Scammers often impersonate attorneys, title companies or brokers and send “account change” emails. Before wiring, always call to verify the wire instructions using a phone number you already knew (not the number in the email); treat any last-minute notice of an account change as a red flag. If you suspect fraud, immediately contact your bank to request a recall of the wire, and file a report with the FBI’s Internet Crime Complaint Center (IC3).

The seller is a foreign person

If the seller is a foreign person, under the Foreign Investment in Real Property Tax Act (FIRPTA), the buyer is usually required to withhold a percentage of the price at closing (generally 15%) and pay it to the IRS; exceptions may apply in situations such as when the buyer will live in the home and the price does not exceed $300,000. A buyer who fails to withhold as required may be held liable. This issue must be confirmed at the contract stage; for tax details, please work with an accountant, and see our tax section.

Whose name to use and how to hold title

Form of ownership	Principle
Joint tenancy	When one owner dies, their share passes automatically to the surviving co-owner(s) without probate
Tenancy by the entirety	In Illinois, available only to spouses (or civil union partners) for property that is their principal residence (homestead); provides some protection against one spouse’s individual debts; after divorce it converts by law to a tenancy in common
Land trust	An arrangement particular to Illinois in which a trustee holds legal title; often used for privacy and ease of transfer
Revocable living trust	Helps avoid probate; see Living trusts
Limited liability company (LLC)	Mostly used for investment property; financing and insurance arrangements differ; see Forming an Illinois LLC

Parents paying while a child’s name goes on title, or one spouse using premarital funds to buy the home, can both create issues later for inheritance, divorce and gift tax, so it is best to plan for them together before signing.

Home buying checklist

Get loan pre-approval before making an offer, or have proof of funds ready
Choose an attorney, and send the contract to the attorney the same day it is signed
Book a home inspection on the day you sign
Apply for the loan within the contract deadline and note the financing contingency date
If buying a condo, follow up on and read the 22.1 documents
Decide how title will be held and whose names go on it
Buy homeowners insurance and provide the policy as the lender requires
Verify wire instructions by phone before wiring
Apply for property tax exemptions after closing

Common misconceptions

“The broker already looked at the contract, so I don’t need an attorney.” The broker fills out the contract, but reviewing and modifying it and dealing with title issues are the attorney’s job.
“I can still make changes after the review period.” Once the deadline passes, the right of review is deemed waived, and later changes require the other side’s consent.
“The title company represents me.” The title company is a neutral underwriting and closing agent and does not give legal advice to either party.
“The new account in the email should be fine.” Verify any account change by phone.

What we can do

David Wang personally reviews and modifies the Multi-Board contract and explains the terms in Chinese;
handle repair and credit negotiations after inspection, and track the financing and condo document deadlines;
review the title commitment, survey and 22.1 documents, and work with the broker, lender and title company;
review the closing documents, attend closing, and help with post-closing matters;
recommend a form of ownership based on your family situation, and coordinate trust or LLC arrangements where needed.

Frequently asked questions

When is the best time to hire an attorney?

Ideally, have an attorney lined up before you make an offer. The attorney review period runs from the Date of Acceptance and is only 5 business days, so finding an attorney at the last minute can easily be too late.

Can I get out during attorney review because I don’t like the home?

The attorney may disapprove the contract, but the contract provides that disapproval cannot be based solely on price. In practice, whether disapproval is appropriate should be discussed specifically with your attorney; do not wait until the last day of the period to decide.

If the inspection finds problems, does the seller have to fix them?

Not necessarily. The seller may agree to repair, give a credit, refuse, or under certain conditions terminate the contract. The final result depends on the parties’ negotiation and the inspection provision selected in the contract.

I live abroad. Can I buy a home in Chicago?

Yes. The contract can be signed electronically, and the closing documents can be signed outside the U.S. and mailed back, but there are specific notarization and authentication requirements; see Overseas buyers and sellers.

What should I look at in a condo’s 22.1 documents?

Focus on the reserves, special assessments, pending litigation, unpaid assessments and rental restrictions. Buildings with inadequate reserves or significant litigation may need additional assessments later, and some lenders will decline to lend because of it.

If a married couple buys a home, is it enough to put both names on title?

Besides putting both names on title, you must also choose a form of ownership: joint tenancy, tenancy by the entirety or tenancy in common, each with different effects. Tenancy by the entirety is a common choice for a primary residence, but the decision should take your family and estate planning into account.