A typical financed purchase in Chicago takes thirty to sixty days from acceptance to closing. The contract sets most of the deadlines. Here is the order in which things usually happen.
Offer accepted
The date of acceptance starts most contract clocks. Earnest money is deposited with the escrowee according to the contract.
Attorney review
Five business days under the Multi-Board 8.0 form for attorneys to approve, modify or disapprove. See the attorney review guide.
Inspection
Usually running alongside attorney review. The buyer's notice of defects and the repair or credit negotiation follow the contract's inspection paragraph.
Mortgage and appraisal
The buyer applies for the loan, the lender orders the appraisal, and the mortgage contingency date in the contract becomes the key deadline.
Title, survey and condo documents
The title company issues a commitment, a survey is ordered for houses, and condominium sellers deliver the association's resale disclosures and paid-assessment letter.
City and payoff paperwork
The seller's side orders the Chicago water Full Payment Certificate and mortgage payoff letters, and prepares the deed and the MyDec transfer declaration.
Clear to close
The lender issues final approval and the closing disclosure. Attorneys review the settlement statement, including the property tax proration.
Final walk-through
The buyer confirms the property's condition and that agreed repairs were made.
Closing
Documents are signed at the title company or by mail-away arrangement, funds are disbursed and keys change hands.
Recording and after
The deed is recorded with the Cook County Clerk. New owners apply for the homeowner exemption and keep the closing file.
By Attorney Shara Kamal. General information for Chicago-area readers; not legal advice for a specific situation.