Illinois Real Estate Closing Guide

How Closing Works in Illinois

1. 1

   Sign the Purchase Agreement

   Both buyer and seller sign the purchase and sale agreement. This is the binding contract that sets price, contingencies, and the target closing date.

2. 2

   Open a Title or Escrow Order

   Open a title order with a reputable title company. The title company holds earnest money, conducts the title search, and coordinates all closing logistics.

3. 3

   Title Search & Title Insurance

   The title company searches public records to uncover any liens, easements, or title defects. Illinois's average title insurance cost is $1,700. The seller typically pays.

4. 4

   Lender Review (Financed Purchases)

   Your lender completes underwriting and issues a Closing Disclosure at least 3 business days before closing. Review it carefully — it lists all closing costs and loan terms.

5. 5

   Closing Day

   Sign all transfer documents, pay closing costs including 0.1% transfer tax, and receive the deed. Avg recording fee in Illinois: $50–$250.

Frequently Asked Questions