Sell Your House Fast in Illinois. Get Your Cash Offer.

How an Illinois home sale closes

Illinois buyers and sellers complete a transfer declaration, Form PTAX-203, which is filed in the county where the property is located.

• Title insurers and title agents are regulated by the Department of Financial and Professional Regulation under the Title Insurance Act (215 ILCS 155).
• Escrow and closing funds must be held in a separate fiduciary trust account (215 ILCS 155/16).
• An independent escrowee needs a certificate of authority from the Secretary of Financial and Professional Regulation (215 ILCS 155/17).
• In Chicago, a Full Payment Certificate for the utility account is required to get city transfer stamps, per the City of Chicago.

Transfer taxes

Illinois charges a state real estate transfer tax of 50 cents per $500 of value (35 ILCS 200/31-10).

• Counties may add 25 cents per $500 of value, per the Illinois Department of Revenue.
• Home rule municipalities may add their own transfer tax.
• Chicago's tax is $5.25 per $500. The buyer generally pays $3.75 and the seller generally pays the $1.50 CTA portion, per the City.
• Who pays each tax can depend on your contract. Your closing attorney or title company can confirm the amounts.

Seller disclosures

Illinois sellers of 1 to 4 unit homes generally deliver a Residential Real Property Disclosure Report before a contract is signed (765 ILCS 77/20).

• If a late report discloses a material defect after signing, the buyer may terminate within 5 business days (765 ILCS 77/40).
• Exemptions include court-ordered and foreclosure transfers, fiduciary sales by an estate or trust, and transfers to a spouse or lineal relative (765 ILCS 77/15).
• Before the buyer is obligated, the seller also gives the IEMA radon pamphlet and a radon hazards disclosure (420 ILCS 46/10).
• For homes built before 1978, federal law also requires a lead paint disclosure and the EPA pamphlet. Foreclosure sales are among the exemptions.

Foreclosure process and timeline

Illinois foreclosures go through a court case, with reinstatement and redemption periods set by statute (735 ILCS 5/15-1602 and 15-1603).

• An owner can generally reinstate within 90 days after being served in the foreclosure case.
• If a court finds the owner reinstated, that relief is generally not available again under the same mortgage for five years.
• For a residence, redemption generally ends on the later of 7 months after service or 3 months after the judgment.
• If the court finds the home abandoned, the redemption period can be much shorter.
• Many owners in this situation explore selling before the sale. An attorney or housing counselor can review your timeline.

Probate and inherited homes

The Illinois small estate affidavit covers a personal estate of up to $150,000, not counting registered vehicles (755 ILCS 5/25-1).

• An independent representative can generally sell real estate without a court order, unless the will says otherwise (755 ILCS 5/28-8).
• Real estate specifically left to a legatee generally cannot be sold without that legatee's written consent.
• A transfer on death instrument recorded before the owner's death can pass real property to a named beneficiary (755 ILCS 27).
• A probate attorney can confirm which path fits your family.

Selling a rental with tenants

When an Illinois rental is sold, the new owner is generally liable to the tenant for the security deposit (765 ILCS 710/1.1).

• The prior owner generally stays jointly liable with the new owner for the deposit.
• A month-to-month tenancy generally ends with at least 30 days' written notice from the landlord (735 ILCS 5/9-207).
• Your lease and local ordinances may add rules, so review them first.
• You can request a cash offer on an occupied or vacant rental. A landlord-tenant attorney can explain the notices that apply.

Property tax and capital gains basics

The Illinois General Homestead Exemption lowers equalized assessed value by up to $10,000 in Cook County, per the Illinois Department of Revenue.

• The exemption is up to $8,000 in counties next to Cook County and up to $6,000 in all other counties.
• The Senior Citizens Homestead Exemption, for owners 65 or older, is up to $8,000 in Cook and nearby counties and $5,000 elsewhere.
• In Cook County, the home must be your principal residence on January 1 of the tax year, per the Cook County Assessor.
• Federal law lets many sellers exclude up to $250,000 of gain, or $500,000 for married couples filing jointly (IRS Topic 701). You generally must have owned and lived in the home 2 of the last 5 years.

Notes for military sellers

The Servicemembers Civil Relief Act (SCRA) adds protections for servicemembers who own a home in Illinois.

• The SCRA caps interest at 6 percent on qualifying pre-service mortgages during service and for one year after, per the Department of Justice.
• Federal SCRA foreclosure protections also apply. A military legal assistance office can explain how they work with Illinois court foreclosures.
• The IRS lets eligible uniformed services members suspend the five-year test during qualified extended duty, for up to 10 years.
• A military legal assistance office or an attorney can review your situation.

Tell us about the house

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Talk with us

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Review your offer

A quick walkthrough confirms the details, then you review a written offer on your own time.

Close on your date

You choose the closing date. The title or escrow company handles the paperwork and the funds.