Buying a home in Chicago is exciting, and the legal side goes more smoothly with a checklist. Here are the items every buyer should cover.

The purchase contract

The contract sets the price, closing date and contingencies. Most Chicago-area sales use the Multi-Board Residential Real Estate Contract. Review it carefully and have your attorney address anything unclear during the five-business-day attorney review period.

Title

The title commitment shows ownership history and any liens or claims. Title companies prepare it, and your attorney reviews it with you. Liens, unreleased mortgages and other issues need to be cleared before closing.

Title insurance

An owner's title insurance policy protects you against covered title defects discovered after you buy. The premium is paid once, at closing. In Chicago, who pays for the owner's policy is often negotiated in the contract.

Disclosures

Illinois sellers of one- to four-unit residential property generally must provide the Residential Real Property Disclosure Report and a radon disclosure. Homes built before 1978 also require lead-based paint disclosures. Read them closely and ask about anything vague.

Home inspection

Your contract's inspection paragraph lets you request repairs or credits, or in some cases terminate, within a short deadline. Schedule the inspection right away.

Condominium and HOA documents

If you're buying in an association, review the declaration, bylaws, rules, budget, reserves and any special assessments. Check leasing and pet rules if they matter to you. See condo resale disclosures.

Closing

Closings usually take place at a title company. Your attorney reviews the Closing Disclosure and settlement statement, explains each document and confirms the property tax proration. See Chicago closings.

Final walk-through

Before closing, confirm the home's condition and that agreed repairs are done. Raise any problem with your attorney before you sign.

After closing

The deed is recorded with the Cook County Clerk's Recordings Division (or the recorder in the collar counties). Apply for the homeowner exemption, and consider updating your estate plan to account for your new home. See estate planning.

Final thoughts

Working through this checklist protects your investment from contract to keys. See buyer representation or schedule a consultation.

By Attorney Shara Kamal. General information for Illinois readers; not legal advice for a specific situation.