General information only. The Closing Atelier is software for organizing and sharing transaction status. Nothing on this website, in the app, in our guides or in any message from us is legal, tax, lending, accounting or financial advice, and it does not replace your attorney, lender, accountant, inspector or other professional. Your contract and your professionals control. Please ask them about your specific situation.
Illinois is one of the states where buyers and sellers customarily hire their own real estate attorneys. Right after a contract is accepted, those attorneys get a short window to review it. That window is called attorney review, and it is one of the most important (and most misunderstood) parts of an Illinois closing.
How long is attorney review?
There is no single statewide deadline set by statute. The period comes from the contract. Under the widely used Multi-Board Residential Real Estate Contract 8.0, the attorneys have five business days after the Date of Acceptance to act. Other forms or riders can change that, so always check the signed contract.
What can the attorneys do?
Under Multi-Board 8.0, within the review period either attorney may, by written notice:
- Approve the contract;
- Disapprove it, though not based solely on the purchase price;
- Propose modifications (other than the price), which count as a counteroffer. If the parties haven't agreed on all proposed changes within ten business days after the Date of Acceptance, either party may terminate by notice; or
- Offer proposals that specifically reference the form's "non-counteroffer" subparagraph, which do not let either side cancel if they aren't accepted.
If no notice is served in time, the attorney review provisions are treated as waived and the contract stays in effect.
Why it causes so many phone calls
Attorney review usually overlaps with the inspection period (also five business days under Multi-Board 8.0), the mortgage application and earnest money. Clients hear words like "counteroffer" and "terminate" and naturally worry. The fix is clarity: show them the deadline, explain what happens next, and update them the moment the review is approved.
A simple agent checklist
- Send the fully signed contract to both attorneys the day it is accepted.
- Calendar the review deadline and the ten-business-day modification date.
- Confirm in writing when review is approved or concluded.
- Tell your client, in plain language, what the result means for them.
In The Closing Atelier, attorney review is a milestone on the client's timeline. Mark it Done and your client sees it instantly, along with their next step.
Sources
- Chicago Association of REALTORS: Multi-Board Residential Real Estate Contract 8.0, highlighted changes
- Chicago Association of REALTORS: Multi-Board 7.0 to 8.0 full redline
Not a law firm. The Closing Atelier is not a law firm and does not provide legal services. Using the website or app, or contacting us, does not create an attorney-client relationship with us or with anyone else. Illinois purchase contracts often include an attorney review period; please rely on your own attorney for legal questions.
Dates are estimates. Dates, deadlines and countdowns shown in the app are estimates calculated from information your agent entered. They may change, may not reflect every term or amendment of your contract, and may not account for every holiday or local practice. Your signed contract, its amendments and your attorney control every deadline. Please confirm important dates with your attorney.
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Fewer status calls. More calm.