Real Estate Law in Illinois

Illinois is an attorney state for real estate closings, meaning lawyers are typically involved in most residential transactions. This requirement drives higher closing costs compared to non-attorney states but provides additional buyer protection. Standard residential closing fees range from $1,000-$2,500. Cook County has additional requirements including a Chicago Transfer Tax ($7.50 per $500) and a Cook County transfer tax. Illinois property taxes are among the highest in the nation, averaging 2.07% of home value, which attorneys must verify and calculate for closing prorations. Title insurance is required by most lenders and typically costs $1,000-$3,000 depending on the property value. Real estate attorneys in Illinois also handle survey reviews, municipal code compliance letters, and water certification letters. Short sales and foreclosure transactions require additional legal work typically costing $500-$1,500 more.