Illinois Real Estate Law

Agency Relationships

Agents may represent the buyer, the seller, or, with written consent, both parties.
Fiduciary duties — loyalty, confidentiality, full disclosure — apply to clients but not to customers.
Ask every agent to explain, in writing, who they represent before you share personal or financial details.

Sellers must disclose known material defects that affect the property's value or safety.
Federal law requires a lead-based paint disclosure for homes built before 1978.
Always review disclosures before removing inspection contingencies.

Real estate contracts must be in writing to be enforceable.
Review deadlines for inspection, financing, and closing carefully — missed dates can cost your earnest money.
You may hire an independent attorney to review any contract, even if the state does not require one.

Closings are typically attorney-driven in Chicago and the collar counties; downstate, title companies handle them. Either party can use an attorney.
Illinois has a state real estate transfer tax plus county and (in many cities) municipal transfer taxes. Chicago's transfer tax is split between buyer and seller.
Local custom: the seller usually pays for the owner's title policy.
Property taxes are billed in arrears and often prorated at 105–110% of the prior year's bill to protect the buyer.
Confirm wire instructions verbally with your closer using a phone number you already trust.

Since August 17, 2024, multiple-listing services (MLS) can no longer publish offers of buyer-agent compensation. Sellers may still choose to pay a buyer's agent, but it is now negotiated separately and disclosed off-MLS.
Buyers must sign a written representation agreement with their agent before touring a home. The agreement must state how the agent is paid and how much. Read it carefully — the fee is between you and your agent now, not automatically covered by the seller.
If you are buying, ask whether the seller is offering to pay your agent's commission, who else might pay it, and exactly what services are included.
If you are selling, you are no longer required to offer a buyer's agent commission. Your listing agent should explain the trade-offs of doing so anyway.

Security deposits are regulated; landlords must return them within a set number of days after move-out.
Evictions require proper written notice and, in most cases, a court order.
Retaliation against tenants who exercise legal rights is prohibited.

Educational information only. Not legal advice. Laws change; verify with the official sources above or consult a licensed attorney.