Buying here has a few local habits that catch people out, especially if you're coming from another state. This is the order I walk my buyers through.
Get pre-approved, not just pre-qualified
A pre-approval means a lender has looked at your income, assets and credit. Sellers take an offer more seriously with one attached. It also tells you the monthly payment you're comfortable with, which matters more than the maximum you're approved for.
Sign a buyer agreement
Since January 1, 2025, Illinois requires a written agreement between you and your broker before they represent you. It sets out what the brokerage will be paid and how. Read it and ask questions. It should be clear what you owe if the seller isn't paying your agent's fee.
Choose by address, not by town
School district lines and taxing districts don't follow town names. Two houses a street apart can have different schools and very different tax bills. Before you fall for a house, check its assigned schools and its last two tax bills.
Make an offer that reads well
Price matters, but so do the terms: your down payment, how much earnest money you put up, your contingencies and your closing date. In a competitive situation, clean terms can beat a slightly higher price.
Attorney review and inspection
After your offer is accepted there's a short window, commonly five business days on the standard Chicago-area contract, for your attorney to review the contract and for your inspection. Hire your attorney before you make offers, so the clock doesn't start without them.
Closing costs
Expect lender fees, the lender's title policy, your attorney, prepaid taxes and insurance, and the property tax credit you'll receive from the seller. In Chicago, the buyer also pays the city's transfer tax of $3.75 per $500, which is $3,750 on a $500,000 home.
After you move in
Make sure the homeowner exemption is in your name. In Cook County you apply with the Assessor's office; elsewhere, ask the township assessor. It lowers the assessed value your tax bill is based on, and it doesn't transfer from the seller automatically.
Thinking about where to look? Start with the area guides, or request a call.
Questions people ask
Do buyers pay transfer tax in Chicago?
Yes. Chicago buyers customarily pay the city portion of the transfer tax, $3.75 per $500 of the price. The seller pays the state, county and CTA portions.
Do I need a lawyer to buy a house in Illinois?
It isn't required by law, but it's standard in the Chicago area, and the usual contract is built around an attorney review period.
What is a buyer agreement and do I need one?
A written agreement between you and your broker that sets out their services and how they're paid. Illinois has required one for every client since January 1, 2025.
What is the homeowner exemption?
A reduction in the assessed value of a home you live in, which lowers your property tax bill. In Cook County you apply with the Assessor's office.