Weekly summary

Selling a home in Illinois, step by step

Every transaction is different. Dates come from your contract, and your attorney confirms what applies to you.

1. Consultation and pricing

   We meet at your home and review a comparative market analysis (CMA) of recent nearby sales to choose a list price. A CMA is not an appraisal.

2. Written listing agreement

   You sign a written listing agreement with the sponsoring brokerage. It states the services, the term, the list price and the compensation as a clear amount or rate.

3. Preparing the home

   Simple repairs, decluttering, cleaning and good photos. Gather useful papers: survey, permits, HOA documents and recent utility costs.

4. Required Illinois disclosures

   Before the buyer signs a contract, sellers generally must provide: the Residential Real Property Disclosure Report; for homes built before 1978, the federal lead-based paint disclosure and EPA pamphlet; the Illinois radon disclosure and pamphlet; and, for condominiums, the documents required by Section 22.1 of the Condominium Property Act. Your attorney confirms which apply.

5. Marketing and showings

   Your home is listed in the MLS and marketed online with photos and a description that follow fair housing rules. I coordinate showings around your schedule.

6. Offers and negotiation

   I review each offer with you: price, earnest money, financing, closing date and any requested concessions. You may accept, counter or decline.

7. Attorney review

   After acceptance, both attorneys review the contract, typically for 5 business days, and may propose changes.

8. Buyer inspection and repair requests

   The buyer's inspector visits. If the buyer asks for repairs or a credit, you decide with your attorney whether to agree, offer a credit or decline.

9. Appraisal

   If the buyer is financing, the lender orders an appraisal. If the value comes in low, we discuss the options.

10. Survey

    Illinois contracts often require the seller to provide a current survey of the property (usually not for condominiums). Order it early.

11. Transfer stamps and water certificate

    Many municipalities require transfer tax stamps and a final water bill or certificate before closing, and some require a point-of-sale inspection. Requirements vary by town, so we start early.

12. Final walkthrough

    The buyer checks the home shortly before closing. Leave it in the agreed condition, with included items in place and your belongings removed.

13. Closing

    You sign the deed and closing documents, and the title company pays off your mortgage and disburses your proceeds. Confirm payout instructions by calling the title company at a number you already know.

14. After closing

    Transfer or cancel utilities, cancel homeowner's insurance after possession, forward your mail, and keep your settlement statement. The title company issues Form 1099-S; give it to your CPA.

After you sign, your private closing timeline shows these steps with your real dates and red deadline reminders.

How listing commissions work

Here is how listing compensation works in Illinois after the 2024 changes to industry rules.

• Stated in your listing agreement

  Your written listing agreement with the sponsoring brokerage states the compensation clearly, as an amount or rate: [rate or flat fee set in your listing agreement].

• Not set by law, and negotiable

  Commissions are not set by law or by any association. They are fully negotiable between you and the brokerage.

• Your choice about buyer agent compensation

  You decide whether to offer compensation or concessions to a buyer's brokerage, and how much: [your decision, in writing]. That is negotiable too, and can be discussed offer by offer. Offers of compensation are not posted in the MLS.

• Paid at closing from your proceeds

  Compensation is paid at closing from your sale proceeds and shown on your settlement statement.

• Your net proceeds

  Before you list, ask me for a written estimate of your net proceeds after the commission, mortgage payoff, prorated taxes, transfer stamps and closing costs: [net proceeds estimate prepared for you]. It is an estimate; the final numbers are on your settlement statement.

Items in [brackets] are filled in from your own written agreement. This page never states a commission amount, because compensation is negotiated with each client.

Your broker's duties under Illinois law

Under the Illinois Real Estate License Act of 2000 (225 ILCS 454), a broker who represents you owes you these duties:

• Loyalty: promote your best interests and follow your lawful instructions.
• Confidentiality: keep your confidential information private unless you agree or the law requires otherwise. This continues after the transaction ends.
• Disclosure: present all offers and tell you material facts about the transaction that she actually knows.
• Accounting: account promptly for any money or property received on your behalf.
• Reasonable care: use reasonable skill and care in performing the agreement.

Paid to the brokerage: Illinois law requires that compensation be paid to the sponsoring brokerage, the sponsoring brokerage, not directly to the individual broker. The brokerage then pays the broker under their own agreement.

Have questions about an agreement? Ask before you sign. You may also have your attorney review it.