Your offer was accepted. Here’s what happens during the next five business days.
Attorney review period is the 5-business day window after a real estate contract is mutually accepted when the buyer’s and seller’s attorneys discuss home inspection items, property taxes, title details, condominium association documents, and more.
Think of it as an opportunity to make sure the contract accurately reflects all details of the agreement and adequately protects the parties involved.
Your attorney might review:
- Inspection items.
- Condo documents.
- Property Taxes.
- Closing dates and possession terms.
- Mortgage contingencies.
- Items included in the sale.
- Earnest money provisions.
- Additional protections specific to the property.
How Long Is the Attorney Review Period in Illinois?
In many Chicago-area residential transactions, attorney review lasts five business days after the date of acceptance.
That’s the standard period in the commonly used Multi-Board Residential Real Estate Contract 8.0.
Weekends and applicable holidays are excluded when calculating business days under that form.
And attorney review period can be extended as needed as long as both parties are in agreement.
What Does an Actual Attorney Review Letter Look Like?
In a recent Chicago condo transaction, the buyer’s attorney submitted a three-page letter addressing everything from property taxes and earnest money to inspection findings and condominium association documents.
Here are a few examples of what a real estate attorney may request:
Inspection Repairs
The attorney may request an explanation of water damage on the bathroom ceiling, including what caused it and what repairs had been completed.
Property Taxes
The attorney could propose prorating property taxes at 110%, helping establish how the seller’s share of unpaid property taxes would be calculated at closing.
Condo Association Documents
The attorney calls for the condo association’s declaration, bylaws, rules and regulations, meeting minutes, annual budgets, and applicable condominium disclosures.
Earnest Money Protection
The attorney may propose limiting the seller’s remedy in the event of buyer default to retaining the earnest money deposit.
Property Condition at Closing
The attorney confirms that all systems and appliances working during the inspection would remain in working condition at closing.
Attorney review isn’t just about understanding what you’ve signed. It’s an opportunity to address important additional details before you reach the closing table.
Can You Back Out During Attorney Review?
Potentially, yes. But attorney review isn’t an unrestricted five-day cancellation policy.
Under the commonly used Multi-Board 8.0 contract, an attorney may disapprove the contract within the applicable review period, subject to the contract’s terms. Disapproval cannot be based solely on the purchase price.
Attorneys may also propose modifications.
Certain proposed modifications operate as counteroffers. If the parties cannot reach agreement within the contract’s specified timeframe, a termination right may become available.
Other proposals can be made without creating that same termination right.
Those distinctions matter.
Whether you can terminate a particular transaction—and what happens to your earnest money—depends on the executed contract, the reason for termination, and whether the required notices and deadlines have been satisfied.
Don’t assume you can cancel a purchase simply because you’re still within five business days of signing.
That’s a conversation to have with your attorney before taking action.
Is Attorney Review the Same as the Home Inspection Period?
They are two different things that happen during the same contiguous 5-business day window after a contract has been accepted.
Attorney Review
Focuses on the legal terms of the agreement, including deadlines, obligations, contingencies, and proposed contract modifications.
Home Inspection
Focuses on the physical condition of the property.
Your inspector might identify problems involving the roof, plumbing, electrical systems, foundation, or HVAC equipment.
Depending on the inspection contingency, those findings may lead to requests for repairs, credits, or other resolutions.
Do You Need a Real Estate Attorney to Buy a Home in Illinois?
Illinois doesn’t universally require every residential buyer to hire an attorney, but it is strongly recommended and customary.
Having a good real estate attorney can protect buyers from things they may have overlooked.
After all, it is their job review title documents, coordinate with the seller’s attorney, address inspection negotiations, review closing figures, and represent your interests.
In short, the attorney handles the nuances of the legal side.
The strongest transactions happen when your agent, attorney, lender, and you are a team.
Make Every Move Count. Ryan Lehrman
Frequently Asked Questions
How many days is attorney review in Illinois?
Typically, Chicago-area residential contracts provide five business days after the date of acceptance. However, the exact period depends on the executed contract and can be negotiated as both parties see fit.
Does attorney review include weekends?
Under the commonly used Multi-Board 8.0 contract, the standard review period is measured in business days, which excludes weekends and applicable holidays. Your attorney should confirm the exact deadline.
Can a seller back out during attorney review?
Potentially. The seller’s attorney may have rights to disapprove the contract or propose modifications under the attorney review provision. Those rights are subject to the contract’s specific terms and deadlines.
Can a buyer cancel during attorney review and get earnest money back?
Typically, yes, as long as the buyer has a valid contractual right to terminate and follows the required procedures. This is one reason why having a good real estate attorney is so important.
Can the purchase price change during attorney review?
The purchase price may be effectively changed through the use of seller credits or other additional concessions, but the standard Multi-Board attorney review provision does not permit modifications based solely on the purchase price.
What happens if the five-day attorney review period expires?
Under the standard Multi-Board provision, if no qualifying notice is served within the required period, the attorney review provision is generally waived and the contract remains in effect. Other contractual contingencies may still apply.
Is attorney review required in Illinois?
No Illinois statute universally requires a five-day attorney review period in every residential real estate transaction. The right comes from the contract, so buyers should verify that their agreement includes an appropriate provision.
Is attorney review separate from the home inspection?
Yes. Attorney review addresses contractual terms, while the inspection contingency addresses property-condition concerns. Each has its own procedures and deadlines.
Can my attorney request repairs during attorney review?
Yes. In Chicago-area transactions, attorneys frequently communicate inspection-related repair requests alongside proposed contract modifications. However, the inspection contingency and attorney review provision have separate requirements and deadlines. Any requested repairs must be agreed upon by the parties to become binding.
