Illinois real estate: buy or sell with a local AXEN agent
Illinois deals run through lawyers, transfer stamps stack three deep, and property taxes are paid a year behind, so the seller hands you a credit at closing. Here is what is the same everywhere in Illinois, and where to search homes.
Illinois cities we cover
Tap a city for its local guide or the newest homes for sale there.
What every Illinois buyer and seller should know
Attorney review is a contract term, not a law
No Illinois statute gives you an attorney review period. It comes from the contract form. The Multi-Board contract most of the state uses gives each side's attorney 5 business days after the date of acceptance to approve, disapprove or propose changes. Weekends and federal holidays do not count. Other forms say other things, so read the one you sign.
Both sides usually hire an attorney
No law forces it. It is still how deals close here. The standard contract is built around it, and a real estate licence does not let your agent give legal advice or draft contract language. Budget for a lawyer on both sides.
The seller has to give you a written disclosure report
The seller completes the Residential Real Property Disclosure Report and gives it to you before the contract is signed. They disclose material defects they actually know about. They do not have to go investigate. A seller who knowingly lies owes actual damages and court costs, and the court may add attorney's fees.
Radon paperwork is required
Under the Radon Awareness Act the seller has to give you the state radon pamphlet and the radon disclosure form before you are under contract. That is paperwork only. The seller does not have to test or fix anything. Units on the third floor or higher are exempt. Illinois has high radon, so pay for your own test.
Transfer stamps stack: state, county and town
Illinois charges 50 cents for each $500 of price. The county may add 25 cents per $500. Many towns add their own on top. Chicago charges $3.75 per $500 paid by the buyer and a CTA share of $1.50 per $500 paid by the seller, and will not issue stamps without a Full Payment Certificate showing the water and sewer bill is settled. Many other towns also want a final water reading, and some want an inspection.
Property taxes are paid a year behind
You pay this year for last year's taxes. Outside Cook, bills come due around June 1 and September 1. In Cook it is about March 1 and August 1. Because the seller has not been billed yet, the seller gives you a credit at closing. The contract leaves the percentage blank and you negotiate it.
Cook County reassesses every three years
State law splits Cook into three districts, each reassessed every 3 years. Chicago was done in 2024 and is next in 2027, the north suburbs were 2025, and the south and west suburbs are 2026. There is no single appeal deadline. The Assessor opens a separate window per township, usually about 30 days, and the Board of Review is a second chance.
Homestead exemptions are filed with the county
The general homestead exemption lowers your assessed value. The cap is $10,000 in Cook, $8,000 in the counties touching Cook and $6,000 everywhere else. Seniors 65 and over get an added exemption, and the Senior Freeze locks the assessed value for income-qualified seniors. File with your county assessor, not the state.
Closing costs in Illinois: who pays what
Who pays what in Illinois. The state and county stamps are set by law. Town stamps, attorney fees and the tax credit are all negotiated.
| Buyer pays | How it works |
|---|---|
| Your attorney | A flat fee set by the attorney. Custom, not law. |
| Home inspection | You pay and you pick the inspector. |
| Lender's title policy | Based on the loan amount, if you are borrowing. |
| Closing or escrow fee | Charged by the title company. The split is negotiated. |
| Recording the deed and mortgage | A flat fee by document class at the county. |
| Chicago transfer stamp | $3.75 for each $500 of price, in the city only. |
| Town transfer stamp outside Chicago | The rate and who pays are set by that town's ordinance. |
| Tax proration | You receive a credit here, you do not pay one. |
| Seller pays | How it works |
|---|---|
| Your attorney | A flat fee set by the attorney. |
| State transfer stamp | 50 cents for each $500 of price. |
| County transfer stamp | 25 cents for each $500 where the county has adopted it. |
| Chicago CTA stamp | $1.50 for each $500 of price, in the city only. |
| Title commitment and owner's policy | The seller pays under the standard form. Based on the price. |
| Plat of survey | The seller pays. Not required for a condo, and it has to be dated within six months. |
| Well and septic reports | Where the box is initialed. From the county health department or a licensed practitioner. |
| Tax proration credit | A percent of the last full-year bill times the days you owned it. Usually the biggest seller line on the statement. |
Transfer stamp rates, who pays, water reading rules and pre-sale inspections change town by town, and the county stamp is optional, so not every county charges it. Ask your AXEN agent what your town requires before you sign.
How a Illinois home purchase runs
From accepted contract to recording, most Illinois sales run 30 to 60 days. Here is the order, and which parts are law rather than contract.
Get pre-approved →-
Contract accepted. Both sides sign. The date of acceptance starts every clock in the contract.
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Attorney review opens. Each attorney has 5 business days to approve, disapprove or ask for changes. Price is off the table.
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Inspection and notice. You hire the inspector and send notice of major defects within 5 business days of acceptance. This usually runs alongside attorney review.
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Earnest money and condo documents. The seller applies for the condo disclosure packet. The association has to answer a written request within 10 business days, and that part is law.
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Title, survey, well and septic ordered. The seller's attorney or title company orders the commitment and the survey. Well and septic reports have to be dated within 90 days and delivered at least 10 business days before closing.
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Loan and appraisal. Your lender orders the appraisal and clears the file. Usually 3 to 5 weeks.
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Town stamps and water reading. The seller gets the municipal transfer stamp. Chicago requires a Full Payment Certificate on the water account first, and some towns require an inspection. Allow 1 to 3 weeks.
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Closing. Both attorneys, both agents and the title company meet. Deed signed, taxes prorated as a credit to you, stamps affixed, money released.
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Recording. The title company records the deed with the county. A deed cannot be recorded without the required stamps, so this step is law.
Illinois by region
Illinois is Chicago, the collar counties, and everything downstate. The rules change most at the town line. Tap a city for homes for sale there.
Chicago
The city has its own transfer tax, its own water certificate rule and the county's three-year reassessment cycle. Condo sales are common, so the association disclosure packet matters here.
Chicagoland suburbs
Fast-growing towns west and southwest of the city. Most have their own transfer stamp and want a final water reading before they issue it. The rules change from town to town.
Northern and central Illinois
Smaller markets outside the Chicago metro. More homes on well and septic, so county health department reports come up more often. County transfer stamps still apply.
AXEN Realty in Illinois
Every AXEN agent in Illinois works under a licensed managing broker: Billy Malone (AXEN Realty, LLC, firm license 481014513). See every state on the state brokers page.
Buying? Start with the home buying guide and get pre-approved.
Selling? Read the home selling guide and get your home value.
Moving here? Read buying in a new state.
Real estate agent? Changing brokerages in Illinois: you file it online, your new broker approves; state fee: $25. See how to transfer an Illinois license, the switching checklist, advice for new agents and how keeping 100% works.
Illinois real estate questions
Do I need a lawyer to buy a home in Illinois?
No law requires it, but it is standard practice across the state. The most-used contract form is built around a 5-business-day attorney review period, and both sides normally have their own attorney at the closing table. Your agent cannot give legal advice.
What is attorney review?
A contract term, not a statute. Under the Multi-Board form each side's attorney has 5 business days after acceptance to approve the contract, reject it or propose changes. Price alone cannot be the reason to reject. Weekends and federal holidays do not count.
What must the seller tell me about the house?
The seller fills out the Residential Real Property Disclosure Report before you sign, listing material defects they actually know about. They do not have to go looking for problems. If they knowingly lie, you can sue for actual damages and court costs, plus possible attorney's fees.
Do I get a radon test?
The seller has to hand you a radon pamphlet and a radon disclosure form before you are under contract. That is paperwork only. They do not have to test or fix anything. Pay for your own radon test during the inspection period. Third-floor-and-up units are exempt.
Who pays the transfer stamps?
Illinois charges 50 cents per $500 and counties may add 25 cents per $500, normally paid by the seller. Towns add their own. In Chicago the buyer pays $3.75 per $500 and the seller pays $1.50 per $500. Your town's ordinance decides the rest.
Why does the seller give me money for taxes?
Illinois taxes are paid a year behind. At closing the seller has lived there but has not been billed yet, so they credit you for their share of the time they owned it. The contract sets what percent of the last bill is used, and that number is negotiated.
When can I appeal my assessment in Cook County?
Cook reassesses on a three-year cycle: Chicago in 2024 and 2027, the north suburbs in 2025, the south and west suburbs in 2026. There is no one deadline. The Assessor opens a separate window per township, usually about 30 days, and the Board of Review is a second chance.
Do I have to reapply for my homestead exemption?
You apply through your county assessor, not the state. In Cook County, once the general homestead exemption is granted you do not have to reapply. The senior exemption and the Senior Freeze have their own age and income rules, and the Freeze has to be renewed.