Buying a first home in Chicago takes seven steps: set a budget, get pre-approved, complete homebuyer education, choose a buyer’s agent, search and inspect, make an offer with attorney review, and close. Illinois adds an attorney review period after your offer is accepted, which gives each side’s lawyer five business days to approve or change the contract.
Last reviewed September 28, 2026 · Chicago First Time Home Buyer editorial team
The seven steps
- Set a budget. Count the full monthly cost: mortgage payment, Cook County property taxes, homeowners insurance and any condo or HOA assessment. Count the cash you need too: down payment, closing costs and the City of Chicago transfer tax, which buyers pay at $3.75 per $500 of the price.
- Get pre-approved. Compare FHA, conventional and VA loans. If you plan to use down payment assistance, tell your lender first: IHDA programs require a participating lender, and HomeGrown requires a fixed-rate loan.
- Complete homebuyer education. The City’s HomeGrown grant and IHDA’s IHDAccess Home both require a course or counseling. Keep the certificate.
- Choose a buyer’s agent. You will sign a written buyer representation agreement that sets out the agent’s duties and how they are paid.
- Search and inspect. For condos, review the association’s budget, reserves and any special assessments. Under the standard Chicago-area contract, you have five business days after acceptance to serve notice of inspection issues.
- Make an offer and complete attorney review. Most Chicago-area sales use the Multi-Board Residential Real Estate Contract 8.0. Each side’s attorney has five business days after acceptance to approve, disapprove or propose changes.
- Close. Sign the loan and title documents, pay the closing costs and transfer tax, and receive the keys.
Common questions
Do I need a real estate attorney in Chicago?
The standard Chicago-area contract builds in a five-business-day attorney review period for each side. See how attorney review works.