The Illinois Purchase Contract, Step by Step

Most resale homes in Chicago’s Western Suburbs are bought and sold on the Multi-Board Residential Real Estate Contract 8.0. Once you know its order of events, the process gets much easier to follow.

It starts with the offer. Before you write it, decide on your earnest money, your contingencies, and how you would handle a low appraisal or a competing offer. Once the seller accepts, the attorney review period begins, and both attorneys can propose changes to terms other than price. Then the contingency deadlines run on their own clocks: inspection, insurance, mortgage, and, if you need one, the sale of your current home. Along the way the seller delivers the required disclosures, and you or your lender may order a plat of survey.

In the last days before closing comes the final walkthrough, and if the seller needs more time in the home, a rent-back agreement. Each deadline in the contract is a date that matters, and missing one can waive a protection you were counting on.

The guides below follow that timeline. Each one covers a single step in detail for buyers and sellers in Yorkville, Oswego, Montgomery, and across Kendall and Kane County.

Writing the Offer

Earnest Money in Illinois: how much to deposit, who holds it, and what happens if the deal falls apart.
Escalation Clause in Illinois: how the Intent to Escalate works and the four mistakes buyers make with it.
The Appraisal Gap: what happens after a low appraisal and the options in the 8.0 Appraisal Addendum.
Backup Offer in Illinois: how a backup offer waits on the first contract and the mistakes buyers make.
Home Sale Contingency: buying before you sell, and why sellers often pass on this contingency.

After Acceptance: Attorney Review and Contingencies

Illinois Attorney Review Period: what attorneys can change after acceptance, and what they cannot.
Inspection Contingency: what you can negotiate after the inspection and when the contingency expires.
Insurance Contingency: proving the home is insurable before the notice deadline passes.
Mortgage Contingency: the financing deadline and how to protect your earnest money.
Plat of Survey: lot lines, encroachments, and survey mistakes under the Multi-Board rules.

Required Seller Disclosures

Illinois Seller Disclosure Report: what the report covers and what happens if it arrives late.
Radon Disclosure in Illinois: the required radon disclosure and pamphlet, and why a test is not required.
Lead Paint Disclosure: the federal disclosure for homes built before 1978 and the buyer’s inspection window.

Getting to Closing

Final Walkthrough: the last check before closing and what to do if you find a problem.
Rent Back Agreement: letting the seller stay after closing, and how to set rent, deposit, and escrow.

Common Questions About the Illinois Purchase Contract

How long is attorney review in Illinois?

Under the Multi-Board 8.0 contract, attorney review runs five business days after acceptance unless the parties agree otherwise. See the attorney review guide for what can and cannot change.

What contingencies are in the Multi-Board 8.0 contract?

The common ones are the inspection, insurance, and mortgage contingencies, plus an optional home sale contingency and an optional appraisal addendum. Each has its own deadline.

Can I back out after attorney review in Illinois?

Only through a contingency that is still open, such as inspection or mortgage, and only within its deadline. Once the contingencies pass, backing out puts your earnest money at risk.

What happens to earnest money if a deal falls through?

It depends on why the deal ended and which contract terms apply. Escrowed funds generally need written direction from both sides before release. Our earnest money guide covers the common scenarios.

Writing an offer or already under contract in Yorkville, Oswego, or Montgomery? Kealan O’Neil can walk you through every deadline in your contract. Call or text Kealan at 630-425-8815.