Your Chicago Home Just Went Under Contract. What Happens Next?

Getting an offer accepted can feel like the finish line, especially after weeks of preparing the home, scheduling showings and negotiating terms. But for a seller, going under contract is really the beginning of the second half of the transaction.

Between the accepted offer and closing, several things still need to happen. The contract may go through attorney review, the buyer may inspect the property, the lender may order an appraisal, financing must continue through underwriting and condo sellers may need to provide association documents. Then comes the final walkthrough and closing.

Most of these steps happen behind the scenes, but sellers who understand the sequence are less likely to be surprised when a request, deadline or new document appears.

1. Attorney Review and Inspection Usually Come First

In many Chicagoland transactions using the commonly used Multi-Board Residential Real Estate Contract 8.0, the first several business days after acceptance are particularly important. The form provides a five-business-day attorney review period, while the standard inspection option also generally gives the buyer five business days to raise qualifying inspection issues. The exact contract you signed controls, so sellers should follow the deadlines provided by their attorney and real estate agent.

During attorney review, the buyer's and seller's attorneys can review the contract language and address matters such as closing terms, prorations, contingencies and other legal provisions. This does not mean something is wrong with the transaction. Attorney involvement is common in Chicago-area residential sales, and Illinois REALTORS notes that many form contracts include attorney-review provisions.

The buyer may also conduct a professional inspection during this period. Depending on the contract and what is discovered, the buyer could raise concerns involving major components such as plumbing, electrical systems, HVAC, roofing, windows, appliances or structural conditions.

For sellers, the important thing is not to panic when an inspection request arrives. A request is still part of a negotiation. Your attorney and agent can help determine what the contract requires, what is reasonable and whether the better response is a repair, a credit, another solution or no concession at all.

2. The Appraisal and Buyer Financing Move Forward

Once the initial contract and inspection issues are being resolved, the buyer's lender continues working on the mortgage.

If an appraisal is required, an appraiser will evaluate the property and provide an independent opinion of value for the lender. Sellers should generally keep the home accessible and in similar showing condition for the appraisal appointment, while the listing side can make relevant property information and comparable-sale data available when appropriate. Illinois REALTORS notes that agents often help coordinate the appraisal process and provide pertinent information about the property.

For the seller, the most important question is usually whether the property supports the contract price and whether the buyer remains on track with financing.

A low appraisal does not automatically mean the sale is over. What happens next depends on the contract, financing terms and any appraisal-related provisions. The parties might negotiate, the buyer could potentially bring additional funds, an appraisal may be challenged through the appropriate lender process, or another contractual outcome could apply.

At the same time, the lender is reviewing the buyer's income, assets, credit, insurance and other loan conditions. Sellers usually do not see that underwriting process directly, but their agent and attorney will monitor important financing milestones and whether the buyer ultimately receives clearance to close.

This is also why sellers should avoid assuming that “under contract” means guaranteed to close. The transaction becomes progressively more secure as inspection, attorney review, appraisal and financing contingencies are resolved.

3. Condo Sellers Have an Extra Layer of Paperwork

If you are selling a Chicago condo, the association becomes part of the closing process too.

Under Section 22.1 of the Illinois Condominium Property Act, a resale seller may be required to obtain information from the condominium association and make it available to the buyer upon demand. The required information includes items such as the declaration, bylaws, rules, unpaid assessments or liens, anticipated capital expenditures, reserve information, financial information, pending litigation and association insurance coverage.

The association or its designated representative generally has 10 business days after a written request to furnish the required Section 22.1 information under the current law.

That is why condo sellers should not wait until the week before closing to contact management.

Depending on the building and transaction, the closing file may also involve a paid assessment letter, association questionnaires, move procedures, right-of-first-refusal documentation, parking information or other association requirements. These documents serve different purposes, so your attorney, agent and management company will usually coordinate what is actually needed.

For a seller in University Commons, University Village, South Loop, West Loop, River North or Streeterville, this association paperwork can be one of the biggest differences between selling a condo and selling a single-family home.

4. The Final Week Is About Getting the Home and Paperwork Ready

As closing approaches, sellers should focus on leaving the property in the condition required by the contract and completing anything previously agreed upon.

If you agreed to make a repair after inspection, make sure it is finished and keep receipts or documentation when appropriate. Remove personal property that is not included in the sale, but do not accidentally take fixtures, appliances or other items the contract says must remain.

The buyer will normally conduct a final walkthrough shortly before closing. The purpose is generally to confirm that the property is still in the expected condition, agreed repairs were completed and items included in the sale remain in place. Illinois REALTORS identifies scheduling and completing the final walkthrough as one of the final steps before closing.

This is also the time to handle practical details such as moving, utilities, keys, garage remotes, building access devices and any condo move-out requirements. Your attorney will be working separately on the legal side of the transaction, including title matters, deed preparation, prorations and closing figures.

Sellers should review any final numbers carefully. The amount you receive at closing is not simply the contract price. It reflects items such as mortgage payoff, taxes and other prorations, attorney and title-related costs, brokerage obligations, agreed buyer credits and other transaction expenses.

5. Closing Is When the Sale Actually Becomes Complete

At closing, the remaining documents are signed, funds are transferred and the legal ownership of the property is conveyed to the buyer.

How much a Chicago seller personally participates on closing day can vary. In some transactions, sellers sign documents in advance or work through their attorney rather than sitting through the entire closing. Your attorney should explain exactly what is required from you before the scheduled date.

Assuming all contract, title and financing conditions have been satisfied, the buyer's funds are brought to closing, required expenses and payoffs are handled, and the seller receives the remaining proceeds according to the final closing statement.

Only then is the transaction truly finished.

That is why an accepted offer should be viewed as an important milestone, not the end of the process. Between contract and closing, the goal is to keep deadlines moving, respond quickly when something is needed and avoid creating preventable problems during the final weeks of the sale.

Under Contract? Now the Goal Is Getting to Closing

Once your Chicago home goes under contract, the transaction changes from marketing the property to managing the details.

There may be an inspection request one day, an appraisal appointment the next and condo paperwork arriving from management a week later. Most of that is normal. What matters is having your agent, attorney, lender and association or management company communicating clearly enough that nothing important gets missed.

The Cory Tanzer Group at Option Premier helps Chicago-area sellers manage the transaction from accepted offer through closing, including inspection coordination, appraisal access, condo and association logistics, buyer financing milestones and the final walkthrough.

Getting the home under contract is a major accomplishment. Getting it successfully from contract to closing is the next job.

Real estate contracts and legal requirements vary by transaction. Sellers should rely on their Illinois real estate attorney for legal advice and the specific deadlines and obligations contained in their contract.

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