Escrow, Attorney Review, Inspections & Appraisals
What Home Sellers in the North Shore, Northwest Suburbs & Chicago Need to Know
Navigating the Under-Contract Phase When Selling Your Home in Illinois
Congratulations! You accepted an offer on your home. But the sale is not final yet.
Between contract acceptance and closing, several critical steps still need to happen, including attorney review, inspections, appraisal, title work, financing approval, and final walkthrough preparations.
This under-contract phase typically lasts approximately 30–45 days depending on financing, inspections, attorney negotiations, title work, and closing timelines.
Marty Rinehart and Amber Martin help home sellers throughout the North Shore, Northwest suburbs, and Chicago navigate every step of the under-contract process with strategic guidance, proactive communication, negotiation support, and timeline management.
Understanding what happens during escrow and attorney review helps sellers avoid surprises and move toward a smoother closing experience.
Understanding Attorney Review in Illinois Real Estate
What Is the Attorney Review Period?
In Illinois real estate transactions, contracts commonly include an attorney review and inspection period shortly after contract acceptance.
During this time:
▪️ Attorneys review the contract
▪️ Buyers conduct inspections
▪️ Repairs or credits may be negotiated
▪️ Additional terms may be modified or clarified
▪️ Buyers review disclosures and HOA documents
▪️ Either party may negotiate changes through their attorney
The attorney review period is one of the most important parts of an Illinois real estate transaction because many negotiations happen during this stage.
What Happens During Attorney Review?
Buyer Home Inspections
Most buyers schedule a professional home inspection shortly after the contract is accepted.
The inspection typically evaluates:
✅ Roof condition
✅ Foundation and structural components
✅ HVAC systems
✅ Plumbing systems
✅ Electrical systems
✅ Basement or crawlspace conditions
✅ Windows and exterior conditions
✅ Attic insulation and ventilation
✅ Appliances and safety concerns
Inspections generally take several hours depending on property size and complexity.
Additional Inspections Buyers May Request
Depending on the property, buyers may order specialized inspections including:
✅ Sewer scope inspection
✅ Radon testing
✅ Mold or air quality testing
✅ Roof inspection
✅ Structural engineer evaluation
✅ Chimney inspection
✅ Pest or termite inspection
✅ Pool or spa inspection
✅ New construction inspections
Older homes throughout Chicago, Evanston, Wilmette, Park Ridge, Glenview, and surrounding Chicagoland communities may require additional evaluation depending on age and condition.
Seller Responsibilities During Inspections
Preparing Your Home for Inspection
Sellers should:
✅ Provide access to the property
✅ Ensure utilities remain on
✅ Unlock mechanical rooms, garages, basements, and attics
✅ Secure pets during inspections
✅ Maintain the property in agreed condition
✅ Plan to be away during inspections when possible
What Happens After the Inspection?
Understanding Inspection Negotiations
After inspections, buyers usually receive a detailed report identifying:
▪️ Major concerns
▪️ Safety issues
▪️ Deferred maintenance
▪️ Mechanical system conditions
▪️ Cosmetic concerns
▪️ Recommended repairs
Not every inspection item requires action or negotiation.
Common Outcomes After Inspection
Buyer Requests Repairs or Credits
This is the most common scenario.
The buyer may request:
✅ Repairs before closing
✅ Closing cost credits
✅ Price adjustments
✅ Additional evaluations
✅ Documentation or contractor receipts
Buyer Proceeds As-Is
Sometimes buyers move forward without requesting repairs, especially with competitive situations, cash purchases, or properties sold as-is.
Contract Termination During Attorney Review
Depending on contract timelines and attorney negotiations, buyers may terminate the contract during attorney review or inspection contingency periods if significant concerns arise.
What Sellers Are Required to Fix in Illinois
Many Inspection Items Are Negotiable
Illinois sellers are generally not automatically required to repair every item found during inspection unless otherwise agreed in the contract.
Inspection negotiations are typically handled through attorneys and agents.
Common Buyer Repair Requests
Major System Concerns
✅ Roof leaks
✅ Foundation issues
✅ Electrical hazards
✅ Plumbing leaks
✅ HVAC failures
✅ Structural concerns
✅ Sewer line problems
Safety Concerns
✅ Missing handrails
✅ Electrical safety issues
✅ Water intrusion concerns
✅ Trip hazards
✅ Fire safety concerns
Minor Maintenance Items
▪️ Caulking
▪️ Cosmetic wear
▪️ Minor plumbing drips
▪️ Small repairs
▪️ General maintenance recommendations
Not every item becomes part of the negotiation.
Seller Response Options After Inspection
1️⃣ Agree to Repairs
Complete agreed repairs before closing and provide documentation or receipts.
2️⃣ Offer Closing Credits
Provide a credit to the buyer at closing so they can complete repairs after taking ownership.
Credits are often simpler than coordinating repairs before closing.
3️⃣ Negotiate a Compromise
Many inspection negotiations result in partial agreements, credits, or shared solutions.
4️⃣ Decline Requests
Depending on market conditions, sellers may decline repair requests and allow buyers to decide whether to proceed.
Marty and Amber help sellers evaluate:
✅ Market conditions
✅ Deal strength
✅ Cost versus risk
✅ Buyer leverage
✅ Timing and closing goals
The Home Appraisal Process
What Is an Appraisal?
If the buyer is financing the purchase, the lender typically orders an independent appraisal to confirm the home’s value supports the loan amount.
The appraiser evaluates:
✅ Comparable recent sales
✅ Home condition
✅ Square footage and layout
✅ Location and neighborhood
✅ Lot size and amenities
✅ Updates and improvements
✅ Current market conditions
Appraisal Timeline
Appraisals are commonly:
▪️ Ordered shortly after attorney review
▪️ Scheduled within 1–2 weeks
▪️ Completed within several days after inspection
Sellers will typically need to provide property access for the appraiser.
What Happens If the Appraisal Comes in Low?
Sometimes appraisals come in below the agreed contract price.
This may happen because:
▪️ The market shifted quickly
▪️ Comparable sales were limited
▪️ The appraiser used different comps
▪️ Multiple offers pushed pricing aggressively
▪️ Property condition concerns impacted value
Seller Options When the Appraisal Is Low
Option 1: Reduce the Price
The seller agrees to lower the price to appraised value.
Option 2: Buyer Brings Additional Cash
The buyer covers the appraisal gap with additional funds.
Option 3: Negotiate a Compromise
Buyer and seller split the difference.
Option 4: Challenge the Appraisal
Additional comparable sales or market data may be submitted for reconsideration.
Option 5: Contract Cancellation
If neither party agrees on a solution, the transaction may terminate depending on contingency terms.
Marty and Amber help sellers evaluate the strongest strategy based on market conditions and available alternatives.
Understanding Title Work & Escrow in Illinois
What Is Title Work?
The title company researches public records to confirm:
✅ Legal ownership
✅ Existing liens
✅ Property tax status
✅ HOA balances
✅ Easements or encumbrances
✅ Mortgage payoff information
Common Title Issues
Potential title issues may include:
▪️ Unpaid taxes
▪️ HOA balances
▪️ Contractor liens
▪️ Old mortgage releases
▪️ Judgment liens
▪️ Recording errors
Most title issues can be resolved before closing.
What Does Attorney Review/“Escrow” Mean?
Escrow refers to the time period between executed contract and closing.
During attorney review/escrow:
✅ Earnest money is held securely
✅ Buyer financing is processed
✅ Title work is completed
✅ Repairs are negotiated
✅ Appraisal is completed
✅ Final closing preparations occur
Typical Illinois Under-Contract Timeline
Days 1–5
✅ Attorney review begins
✅ Inspections scheduled
✅ Earnest money deposited
✅ Lender processing starts
Days 5–15
✅ Inspections completed
✅ Inspection negotiations
✅ Attorney modifications finalized
✅ Appraisal ordered and completed
Days 15–30+
✅ Loan underwriting and approval
✅ Title clearance
✅ Repair completion if applicable
✅ Final walkthrough preparation
✅ Clear to close issued
Final Days Before Closing
✅ Final walkthrough
✅ Closing documents prepared
✅ Utility coordination
✅ Closing scheduled
Common Delays During Escrow
Potential delays may include:
⚠️ Financing conditions
⚠️ Appraisal issues
⚠️ Title problems
⚠️ Repair disputes
⚠️ HOA document delays
⚠️ Buyer employment or credit changes
⚠️ Scheduling delays
Marty and Amber proactively communicate with attorneys, lenders, title companies, and agents to help minimize delays whenever possible.
Seller Responsibilities During Escrow
Maintain Property Condition
Sellers should maintain the property in substantially the same condition as when the contract was accepted.
Keep Utilities Active
Water, electric, gas, HVAC, and other systems should remain operational through closing and final walkthrough.
Complete Agreed Repairs
If repairs are negotiated, sellers should:
✅ Use qualified contractors when appropriate
✅ Keep receipts and documentation
✅ Complete repairs before agreed deadlines
Final Walkthrough Before Closing
What Happens During the Final Walkthrough?
Buyers typically complete a walkthrough 24–48 hours before closing to verify:
✅ Property condition remains consistent
✅ Repairs were completed
✅ Included items remain in the home
✅ Systems function properly
✅ No new damage occurred
Frequently Asked Questions About Escrow & Attorney Review in Illinois
What Is Attorney Review in Illinois Real Estate?
Attorney review allows attorneys to review and negotiate contract terms, inspection items, disclosures, and additional details shortly after contract acceptance. This lasts 5 business days.
Do Sellers Have to Repair Everything Found During Inspection?
No. Many inspection items are negotiable and handled through attorney review and inspection negotiations.
What Happens If the Appraisal Is Low?
Possible outcomes include price reductions, buyer cash contributions, compromise negotiations, appraisal disputes, or contract termination depending on contingency terms.
How Long Does Escrow Last in Illinois?
The under-contract period commonly lasts approximately 30–45 days depending on financing, title work, inspections, and negotiations.
What Is the Final Walkthrough?
The buyer verifies property condition, repairs, included items, and overall condition before closing.
Ready for a Smooth Path to Closing?
Whether you’re selling in Wilmette, Winnetka, Glenview, Northbrook, Deerfield, Park Ridge, Arlington Heights, Mount Prospect, Schaumburg, Evanston, Chicago, or another Chicagoland community, Marty and Amber help sellers navigate attorney review, inspections, appraisal negotiations, and closing with confidence.
Get Started in 3 Easy Steps
1️⃣ Schedule a Seller Consultation
Discuss your goals, timeline, property condition, and market strategy.
2️⃣ Launch Your Listing Strategically
Position your home with professional marketing and pricing designed to attract qualified buyers.
3️⃣ Navigate the Under-Contract Process
Receive expert guidance through attorney review, inspections, appraisal, escrow, and closing.
Contact Marty Rinehart & Amber Martin
North Shore, Northwest Suburban & Chicago Realtors
Real Broker, LLC
📍 Serving Wilmette, Winnetka, Glenview, Northbrook, Deerfield, Park Ridge, Arlington Heights, Mount Prospect, Schaumburg, Evanston, Chicago, and surrounding Chicagoland communities.
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