Your offer just got accepted. Now what happens in those first few days can make or break your Chicago closing. If you are a first-time buyer or a busy seller, the attorney review and inspection contingency can feel like a sprint. You want clarity, speed, and a clean path to the finish line. In this guide, you will learn what these terms mean, typical timelines in Chicago, what you can negotiate, and how early decisions affect your closing. Let’s dive in.
Attorney review explained
Attorney review is a short, contract-defined window that lets your attorney review the signed purchase agreement, propose changes, or issue a written disapproval. It is a contractual tool, not a court procedure. The length and rules depend on the form you sign and what both sides agree to.
In many Chicago deals, the review period is commonly 2 business days after ratification. During that time, attorneys may suggest edits, clarify deadlines, or confirm contingency language. If terms are not acceptable, an attorney can disapprove in writing within the allowed period.
Inspection contingency explained
The inspection contingency gives the buyer time to order inspections and evaluate the home’s condition. Typical inspections include general home, structural, pest, radon, and mechanical systems. Based on the findings, you can request repairs, negotiate a credit, or cancel if the contract allows it.
The inspection window in Chicago often runs 5–10 calendar days from contract ratification. You must follow the contract steps, which usually include delivering inspection reports and a written repair request before the deadline. Sellers typically respond within 48–72 hours, though that timing is negotiable.
How the two interact
Attorney review and inspections can overlap or run back to back. Common practice is a very short attorney review followed by a longer inspection period. Since amendment requests from attorneys can change timelines, you should coordinate both tracks from day one.
Both periods are negotiable. In a competitive situation, buyers sometimes shorten or waive them to strengthen an offer. This increases risk, so weigh speed against protection before you decide.
Typical Chicago timelines
Here is how a standard timeline often looks in the city. Exact dates depend on your contract.
- Day 0: Offer accepted and contract signed (ratification).
- Days 1–2: Attorney review, commonly 2 business days.
- Days 1–10: Inspection contingency, often 5–10 calendar days.
- Within 48–72 hours after repair request: Seller response period.
- Shortly after repair agreement: Buyer removes inspection contingency as required by the contract.
- Closing window: 30–60 days for financed deals. All-cash can be shorter.
Tip: Schedule inspections immediately after ratification so your repair request lands well within your inspection deadline.
What you can negotiate
You have more control than you might think. Many terms are on the table.
Commonly negotiable
- Length of attorney review period and whether it is mutual.
- Scope and length of inspection contingency and which inspections are included.
- Deadlines for delivering reports and repair requests.
- Seller’s remedy: perform repairs, provide a credit, allow an escrow holdback, or supply contractor estimates.
- Allocation of costs for major items and caps on total seller contribution.
- Standards for repair language such as “to code,” “to working order,” or “reasonable repair.”
- Remedies if there is no agreement, including the right to cancel.
What sellers often want
- Short attorney review or a waiver to reduce early uncertainty.
- Narrow inspection scope that excludes cosmetic items.
- A cap on repair costs or a focus on health and safety issues.
- As-is language with no repair obligation, while still allowing the buyer to cancel within the inspection window if not waived.
What buyers often want
- Enough days for inspections, including radon and pest when needed.
- Clear, fair timelines for repair negotiations and responses.
- The right to cancel if major defects are not resolved within the contract rules.
Market pressure matters. In hot neighborhoods or a seller’s market, buyers may shorten these periods. In a balanced market, buyers have more room to negotiate.
How these phases affect closing
Early negotiations shape the rest of your timeline. Delays in inspection requests or late repair agreements can push out your closing date, especially if the lender needs the buyer to remove contingencies on schedule.
Some lenders, including FHA and VA programs, may require safety or structural items to be fixed before funding. If an appraisal or inspection flags major issues, your underwriter could pause approval until repairs are complete or properly documented. To keep your date on track, consider an escrow holdback for repairs after closing if your lender and title company approve it. Clear instructions and deadlines are key for any holdback.
Waiving attorney review or inspections can speed up the deal, but it raises the chance of surprise costs later. Missing deadlines can also reduce your protections and affect earnest money, so track each date closely.
Chicago-specific factors to watch
Chicago and Cook County add a few local layers to the early phase of a deal.
- Homes built before 1978 require federal lead-based paint disclosures and the EPA pamphlet. Buyers sometimes add lead testing within the inspection window.
- Radon testing is common in parts of the area. Many buyers include it in the inspection scope.
- Pest or wood-destroying organism inspections may be required for some loans. Plan ahead if you are using FHA or VA financing.
- City of Chicago and Cook County transfer taxes impact closing costs. Budget for them early so financing plans align with deadlines.
- Condos come with document review. Buyers often receive association bylaws, budgets, reserves, and meeting minutes. Build time to review those documents, since association finances or litigation can affect your decision.
- City code or building violations can affect closing or post-closing plans. Some buyers order municipal searches to identify open permits or violations.
Common pitfalls and how to avoid them
The most preventable issues tend to be logistical. A clear plan reduces friction.
- Mix-ups on business days vs. calendar days. Follow the contract’s definitions for weekends and holidays.
- Overlapping deadlines that are not tracked together. Align attorney review and inspection timelines from day one.
- Vague repair language and no caps. Use precise, dated amendments for any repairs, credits, or holdbacks.
- Late inspections or missing documents. Line up inspectors and deliver reports and requests within the stated window.
- No lender coordination. Share repair plans and timelines with your lender and title company early if holdbacks or pre-closing repairs are involved.
A smooth timeline example
Use this as a planning template. Adjust to your contract.
- Day 0: Contract ratified at 3 p.m. Attorneys notified.
- Day 1: Attorney review opens. Buyer schedules general, radon, and pest inspections for the next morning. Lender orders appraisal file setup.
- Day 2: Inspections completed. Buyer receives reports by evening and drafts a repair request. Attorneys exchange minor contract clarifications.
- Day 3: Buyer delivers repair request and reports before noon. Seller begins obtaining contractor input.
- Day 4: Seller responds within 48 hours. Parties agree to a modest credit and a licensed contractor repair for a safety item.
- Day 5: Repair addendum signed. Buyer removes the inspection contingency as required. Lender is updated and appraisal proceeds.
- Days 6–30: Appraisal and underwriting wrap up. Any lender-required items are addressed. Closing documents are prepared.
- Day 30–45: Clear to close and final walkthrough. Close on schedule.
For sellers: prepare to move fast
- Pre-stage your documents. If it is a condo, have association documents ready to deliver.
- Consider getting contractor estimates for known issues so you can respond quickly to requests.
- Decide in advance if you prefer credits over repairs. A clear stance shortens negotiations.
- If repairs will be done after closing, plan for a possible escrow holdback and confirm title and lender procedures.
For buyers: your early playbook
- Line up inspectors before you write offers so you can schedule quickly.
- Read the inspection deadlines and delivery rules in your contract and calendar them.
- Coordinate with your lender about any repair items that could affect underwriting.
- When making requests, focus on health, safety, and major systems, and be clear about whether you want repairs or a credit.
- Keep all changes in writing using dated amendments.
Final thoughts
In Chicago, the first 10 days of a contract set the tone for your closing. When you align attorney review, inspections, lender requirements, and clear repair terms, you gain leverage and keep your date intact. With the right plan and responsive partners, these early steps become a smooth, predictable process.
If you want a team that blends market knowledge with operator-level execution, connect with Spacematch Inc.. We coordinate inspections, repair negotiations, lender communication, and closing timelines so you can focus on the move. We Spacematch you to the right home.
FAQs
How long is attorney review in Chicago home purchases?
- There is no single rule, but many contracts use 2 business days. The actual period is set by your signed agreement.
What does the inspection contingency allow a Chicago buyer to do?
- It lets you complete inspections within a set window, request repairs or credits, or cancel if the contract allows and deadlines are met.
Can I waive attorney review or inspections to be competitive?
- Yes, both are contractual rights. Waiving can strengthen an offer but increases risk of unexpected costs after closing.
How do inspection findings affect my mortgage approval?
- Lenders focus on safety and habitability. FHA and VA programs may require certain repairs before funding, which can affect timing.
Can we close with repairs outstanding in Chicago?
- Often yes, by using an escrow holdback or credits if the lender and title company approve and instructions are clear.
What happens if a party misses an attorney review or inspection deadline?
- Missing contractual deadlines can waive protections or limit remedies. The specific outcome depends on your contract language.
