Buying a home in Illinois: common questions

I suggest talking with a licensed mortgage lender early and getting pre-approved before you tour homes. A pre-approval helps you set a comfortable budget and shows sellers you are ready to buy. Your lender can explain loan programs and down payment options, and Illinois programs are listed at ihda.org. I do not give financial advice, but I am glad to work alongside your lender.

I recommend it. A licensed home inspector you choose looks at the condition of the home, such as the roof, structure, plumbing, electrical, and heating and cooling systems. The contract sets the inspection terms. Depending on the contract terms, you may ask for repairs or a credit, or in some cases cancel. I can help you schedule it.

I prepare a written offer with your price, earnest money, financing terms, inspection and attorney review provisions, and a proposed closing date. The seller can accept, counter, or decline. I share recent comparable sales so you can decide what to offer. The final decision is always yours.

In the Chicago area, residential sales are commonly written on the Multi-Board Residential Real Estate Contract, which includes an attorney review period after the contract is signed. During that period, each side’s attorney may review the contract and propose changes. In Illinois, buyers and sellers customarily hire their own real estate attorney. For questions about your contract, please ask your own attorney.

A typical path is attorney review, home inspection, the lender’s appraisal and loan approval, the title commitment, a final walk-through, and closing. I keep you updated along the way.

Bring a government-issued photo ID. The title company will tell you how to send your funds. Before you wire any money, call the title company at a phone number you already know to verify the instructions. You sign the closing documents, and the keys are handed over as your contract provides.

A general home inspection looks at visible, accessible parts of the home, such as the roof, foundation and structure, plumbing, electrical, heating and cooling, windows, and signs of water damage. In Illinois, home inspectors must be licensed by the IDFPR under the Home Inspector License Act (225 ILCS 441). You can check a license on the IDFPR website.

The buyer usually chooses and pays the inspector. Specialty tests, such as radon or a sewer camera, are often separate.

The Multi-Board Residential Real Estate Contract, commonly used in the Chicago area, includes an optional inspection provision. If it applies, the buyer can have the home inspected and then respond under the terms written in the contract. The exact terms are in your contract, and your attorney can explain them.

Inspectors often comment on foundation cracks, water in basements, and past water damage. Radon is a naturally occurring gas, and IEMA recommends testing every home before purchase; in Illinois, radon testing for others must be done by an IEMA-licensed measurement professional. For homes built before 1978, sellers must give buyers a lead-based paint disclosure (source: EPA).

Depending on the contract, the buyer may ask the seller for repairs or a credit, the parties may negotiate, or the buyer may cancel within the contingency. Nothing is automatic; each side decides. I help you organize the requests, and your attorney handles the contract side.

Many condominiums, townhomes, and some single-family neighborhoods have a homeowners association. Here is a general overview to help you weigh it.

Possible advantages:

• Shared amenities, such as a clubhouse, pool, fitness room, or green space, depending on the community.
• The association often handles exterior maintenance and common areas, such as landscaping, snow removal, or roofs, depending on its documents.
• Your individual insurance can sometimes cost less, depending on what the association's master policy covers.
• Community rules aim to keep the community consistent and maintained.

Possible drawbacks:

• Monthly or other regular fees, which can change over time.
• Possible special assessments for repairs or projects the regular budget does not cover.
• Architectural and exterior restrictions, such as limits on changes, colors, fences, or additions.
• Resale considerations, such as association rules, rental limits, and the documents future buyers will review.
• Rules can be strict, and the association can enforce them.

HOA rules, fees, and finances vary by association. Before buying, review the declaration, bylaws, rules, budget, reserves, and recent meeting minutes, and ask questions of the association and your attorney.

Under 35 ILCS 200/15-170, this exemption is for a homeowner who is 65 or older, occupies the home as a residence, and is responsible for its property taxes. It lowers the equalized assessed value (EAV), not the bill itself. According to the Illinois Department of Revenue, the maximum reduction in EAV is $8,000 in Cook County and counties next to Cook, and $5,000 in other counties. Filing rules vary: the Cook County Assessor says its Senior Exemption renews automatically once granted, while some other counties require an annual renewal form.

Eligibility, amounts and deadlines vary by county and can change; verify with your county assessor. This is general information, not tax advice; please ask your county assessor or tax advisor about your situation.

Under 35 ILCS 200/15-172, a qualifying homeowner who is at least 65 and meets the household income limit can have the home’s EAV “frozen” at a base year. According to the Illinois Department of Revenue, the total household income limit is $75,000 for tax year 2026 (taxes payable in 2027). The bill can still change if tax rates go up or improvements are added. You must reapply every year (Form PTAX-340 with your county; the Cook County Assessor also requires annual filing).

Eligibility, amounts and deadlines vary by county and can change; verify with your county assessor. This is general information, not tax advice; please ask your county assessor or tax advisor about your situation.

Under 35 ILCS 200/15-175, this exemption is for owner-occupied homes. According to the Illinois Department of Revenue (PIO-74, revised July 2025; the amounts that apply to current tax years, including tax year 2026, checked October 16, 2026), it reduces EAV by up to $10,000 in Cook County, $8,000 in counties next to Cook, and $6,000 in other counties. In Cook County it is called the Homeowner Exemption, and the Cook County Assessor says it renews automatically once granted. When you buy a home you will live in, check that the exemption is applied in your name.

Eligibility, amounts and deadlines vary by county and can change; verify with your county assessor. This is general information, not tax advice; please ask your county assessor or tax advisor about your situation.