Welcome, Buyers

Buying 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

   We talk about your goals, budget, timing and neighborhoods. I explain how representation and compensation work before you commit to anything.

2. Written buyer representation agreement

   Before you tour any home with your agent, in person or virtually, you sign a written agreement with the sponsoring brokerage. It lists the services, the term, and the compensation as a clear amount or rate.

3. Mortgage pre-approval

   A lender of your choice reviews your income, assets and credit and issues a pre-approval letter, so you know your price range and sellers take your offer seriously.

4. Home search and showings

   I set up searches, schedule showings and share what I see, from condition to location factors. You decide which homes fit.

5. Offer

   We prepare a written offer, usually on a standard Illinois form contract: price, earnest money, financing, dates and any request for seller concessions.

6. Attorney review

   In Illinois, buyers and sellers usually each have a real estate attorney. Most contracts include an attorney review period, typically 5 business days after acceptance, when either attorney may propose changes or cancel.

7. Home inspection

   A licensed home inspector checks the property, often with an optional radon test. Your attorney then negotiates repairs or credits within the contract deadline.

8. Appraisal

   If you are financing, your lender orders an appraisal to confirm the home's value supports the loan.

9. Mortgage commitment

   Your lender issues a written loan commitment by the date in your contract. If it may be late, your attorney asks for an extension in writing.

10. Final walkthrough

    Shortly before closing, we walk through the home to confirm its condition, agreed repairs and that included items are still there.

11. Closing

    At the title company you sign the loan and closing documents and review your Closing Disclosure and settlement statement. Bring a photo ID. Never act on wiring instructions sent by email or text; call the title company at a number you already know.

12. After closing

    You get the keys. Then change the locks, update your address, keep your closing documents, and apply for property tax exemptions. Your timeline's "Home Sweet Home" reminders help with each one.

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

How buyer agent compensation works

Rules changed nationwide in August 2024 after the National Association of REALTORS® settlement. Here is how buyer agent compensation works now in Illinois.

• A written agreement comes first

  Before touring any home with your agent, you sign a written buyer representation agreement with the sponsoring brokerage. It must state the compensation clearly, as an amount or rate: [rate or flat fee set in your agreement]. It cannot be open-ended.

• Not set by law, and negotiable

  Commissions are not set by law or by any association. The amount and how it is paid are fully negotiable between you and the brokerage.

• Who may pay

  You may pay the compensation yourself; you may ask the seller, in your offer, to pay some or all of it (a seller concession); or the listing brokerage may offer to pay it. In every case, the brokerage cannot receive more than your agreement states: [how any difference is handled, as set in your agreement].

• Not posted in the MLS

  Offers of compensation to buyer brokerages are no longer posted in the MLS. I can ask the listing agent directly, and we can include a request in your offer.

• When and how it is paid

  Compensation is paid at closing and shown on your settlement statement and Closing Disclosure. Any part not paid by the seller or listing brokerage is paid as your agreement states: [payment terms in your agreement].

• Lenders may limit seller concessions

  Your loan program may cap how much the seller can contribute toward your costs. Ask your lender early so your offer fits the limit.

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.