In Chicago, the closing date is whatever buyer and seller write into the contract; on the standard Multi-Board Residential Real Estate Contract 8.0, attorney review runs 5 business days after acceptance (as does the inspection notice, if the buyer elects an inspection), and the default financing deadline is 45 days after acceptance (or 5 business days before closing, if earlier), so financed purchases are often planned around that 45-day window [1].
Last reviewed November 8, 2026 · Chicago First Time Home Buyer editorial team
This page lists every deadline between an accepted offer and the keys, in order, with the contract paragraph or federal rule behind it. It is part of How to Buy a Home in Chicago: The 7 Steps; for a printable to-do list, see the Chicago first-time home buyer checklist.
At a glance
| Step | Deadline | Rule |
|---|---|---|
| Earnest money | Number of business days after acceptance written into the contract (blank on the form) | Multi-Board 8.0 ¶3(b) [1] |
| Attorney review | Within 5 business days after acceptance; if no agreement after 10 business days, either party may terminate | Multi-Board 8.0 ¶13 [1] |
| Home inspection notice | Within 5 business days after acceptance (lead-based paint inspection: 10 calendar days); only if ¶15(b) or (c) is chosen, since the form’s default, ¶15(a), waives inspections | Multi-Board 8.0 ¶15 [1] |
| Evidence of insurability (HO-3 or equivalent) | Obtain within 10 business days after acceptance; if you can’t, give notice by then or the contingency is waived | Multi-Board 8.0 ¶9 [1] |
| Condo documents | Seller applies within 10 business days after acceptance; buyer reviews within 5 business days of receiving them | Multi-Board 8.0 ¶17 [1] |
| Loan Estimate | Within 3 business days after the lender receives your application | CFPB [2] |
| Wood-destroying insect report (if ¶16(a) is initialed) | Within 15 business days after acceptance | Multi-Board 8.0 ¶16(a) [1] |
| Financing contingency (if ¶8(a) applies) | 45 days after acceptance or 5 business days before closing, whichever is earlier | Multi-Board 8.0 ¶8(a) [1] |
| Copy of the appraisal | Promptly when done, or 3 business days before closing, whichever is earlier | 12 CFR 1002.14 [4] |
| Closing Disclosure | Received at least 3 business days before closing | CFPB [3] |
| Water Full Payment Certificate (buyer, seller or attorney may apply) | Often same day in person; expect up to 10 business days (longer if a field review or final meter reading is needed); needed before City transfer tax stamps can be bought | City of Chicago Dept. of Finance [6] |
| Survey | Delivered at least 1 business day before closing (not required for condominiums) | Multi-Board 8.0 ¶21 [1] |
| Keys (possession) | At closing, unless the parties initial a post-closing possession agreement | Multi-Board 8.0 ¶6, ¶35 [1] |
How long does it take to close on a house in Chicago?
There is no fixed legal length. Paragraph 5 of the Multi-Board 8.0 contract has a blank for the closing date, “or at such time as mutually agreed by the Parties in writing” [1]. What sets the practical length is the loan: the form’s financing contingency defaults to 45 days after acceptance or 5 business days before closing, whichever comes first [1], and lenders typically lock a rate for 30, 45 or 60 days, sometimes longer, with extensions that may be expensive [5]. So pick a closing date your lender can meet inside the rate lock you choose.
A cash purchase skips the financing contingency, the Loan Estimate and the Closing Disclosure, but the 5-business-day attorney review still applies, as does the inspection period if the contract includes one [1], and the transfer still needs the City’s water Full Payment Certificate, which can take up to 10 business days [6].
What happens in the first two weeks after the offer is accepted?
- Earnest money. Deliver it to the escrowee by the number of business days written into ¶3(b) [1].
- Attorney review (5 business days). Your attorney can propose changes to any term. If buyer and seller haven’t agreed after 10 business days, either may end the contract [1]. More on how this works: attorney review in Illinois.
- Inspection (5 business days). If your contract includes an inspection option (¶15(b) or (c)), have the home inspected and serve any notice within 5 business days; a lead-based paint inspection gets 10 calendar days [1].
- Apply for the loan. Your lender must send a Loan Estimate within 3 business days of receiving your application [2]. Make sure your rate lock is long enough to cover the time until you close [5]; this week’s averages are on Chicago mortgage rates this week.
- Insurance (10 business days). Obtain evidence that the home is insurable (HO-3 or equivalent) within 10 business days; if you can’t, notify the seller by then or the contingency is waived [1].
- Condo documents. For a condo, the seller applies to the association for its disclosures within 10 business days, and you may void the contract by notice within 5 business days after receiving them if they reveal unacceptable terms [1]. See buying a condo in Chicago.
What happens between the inspection and closing day?
- Appraisal. The lender must give you a copy of each appraisal promptly when it is completed or 3 business days before closing, whichever is earlier; you can waive that timing, but the waiver must be given at least 3 business days before closing [4].
- Financing contingency date. If the loan commitment isn’t in hand, you must serve notice by this date (45 days after acceptance or 5 business days before closing, whichever is earlier) [1].
- City water certificate. Nearly every Chicago transfer needs a water Full Payment Certificate from the Department of Finance (the buyer, seller or an attorney may apply; it is usually handled by the seller’s side); without it the parties can’t get the City transfer tax stamps needed to record the deed. The City says agents should expect up to 10 business days, and the fee is $50 [6]. The City transfer tax itself is $5.25 per $500 of price, generally split $3.75 buyer and $1.50 seller [7]; see Chicago real estate transfer tax.
- Closing Disclosure (3 business days). You must receive it at least 3 business days before closing. Only three changes restart that 3-day wait: the APR rises by more than 1/8 of a percentage point on a fixed-rate loan (1/4 point on an adjustable-rate loan), a prepayment penalty is added, or the loan changes from fixed to adjustable [3]. Compare it with your Loan Estimate and with what it costs to buy a home in Chicago.
- Survey and walk-through. Except for condominiums, the seller delivers the survey at least 1 business day before closing, and you have the right to inspect the home, fixtures and included personal property before possession [1].
- Closing and keys. The seller delivers possession at closing unless both sides initialed the post-closing possession paragraph (¶35) [1].
What does a real calendar look like? A worked example
Assume an offer is accepted on Monday, November 9, 2026, and the contract sets closing for Friday, December 18, 2026. Count business days the way the contract does: Monday–Friday, skipping federal holidays [1]. Veterans Day (Wednesday, November 11) and Thanksgiving (Thursday, November 26) are federal holidays in 2026 [9], so they don’t count. Day 1 is the first business day after acceptance.
| Deadline | How it is counted | Example date |
|---|---|---|
| Attorney review and inspection notice | 5 business days after Nov 9 (Nov 10, 12, 13, 16, 17) | Tue, Nov 17, 2026 |
| Lead-based paint inspection | 10 calendar days after Nov 9 | Thu, Nov 19, 2026 |
| Insurance evidence; attorney-review termination point | 10 business days after Nov 9 | Tue, Nov 24, 2026 |
| Wood-destroying insect report | 15 business days after Nov 9 (Thanksgiving skipped) | Wed, Dec 2, 2026 |
| Financing contingency | Earlier of 45 days after Nov 9 (Thu, Dec 24) or 5 business days before Dec 18 (Fri, Dec 11) | Fri, Dec 11, 2026 |
| Survey delivered (not for condos) | 1 business day before Dec 18 | Thu, Dec 17, 2026 |
| Closing Disclosure received | At least 3 business days before closing (your lender confirms the exact date) | By mid-December |
| Closing and keys | Date in ¶5; possession at closing (¶6) | Fri, Dec 18, 2026 |
What can delay a Chicago closing?
- A late loan change. A rise in APR of more than 1/8 point (fixed rate) or 1/4 point (adjustable), an added prepayment penalty or a switch to an adjustable rate restarts the 3-business-day Closing Disclosure wait. Typos, walk-through problems and most changes to closing payments do not [3].
- A rate lock that runs out. Extending a lock may be expensive, so match the lock to the contract date [5].
- The water certificate. Allow time for it: the City says agents should expect up to 10 business days, by which point most applications are finalized; ones needing a field review or a final meter reading take longer [6].
- Assistance program requirements. HomeGrown requires 6–8 hours of training with a HUD-approved counseling agency (self-paced online courses don’t count) and a fixed-rate mortgage [8]. Book the class early; see where to take homebuyer education in Chicago and the HomeGrown guide.
Common questions
How many days is attorney review in Chicago?
Five business days after the date of acceptance on the Multi-Board 8.0 contract; if buyer and seller haven’t agreed on changes after 10 business days, either party may terminate [1].
When do I get the Closing Disclosure?
You must receive it at least 3 business days before closing [3]. The Loan Estimate comes earlier, within 3 business days after the lender receives your application [2].
Do I get the keys at closing?
Yes, by default: Multi-Board 8.0 says the seller delivers possession at closing. If both sides initial ¶35, the seller can stay a set number of days after closing [1].
Can a cash purchase close faster?
Usually, because there is no financing contingency, Loan Estimate or Closing Disclosure. The 5-business-day attorney review still applies, as does the inspection period if the contract includes one [1], and the water Full Payment Certificate can take up to 10 business days [6].
Sources
- Chicago Association of REALTORS®, Multi-Board Residential Real Estate Contract 8.0 (highlighted major changes), approved February 2025: ¶3(b), 5, 6, 8(a), 9, 13, 15, 16, 17, 21, 23, 25, 35. Read November 8, 2026.
- Consumer Financial Protection Bureau, I never received a Loan Estimate. What can I do?, last reviewed August 8, 2024.
- Consumer Financial Protection Bureau, Know Before You Owe: You’ll get 3 days to review your mortgage closing documents, June 3, 2015 (updated July 27, 2015).
- Consumer Financial Protection Bureau, 12 CFR 1002.14, Rules on providing appraisals and other valuations, current version, read November 8, 2026.
- Consumer Financial Protection Bureau, What’s a lock-in or a rate lock on a mortgage?, last reviewed May 2, 2023.
- City of Chicago Department of Finance, Full Payment Certificates, read November 8, 2026 (no page date).
- City of Chicago Department of Finance, Real Property Transfer Tax, read November 8, 2026 (no page date).
- Neighborhood Housing Services of Chicago, HomeGrown, modified July 6, 2026.
- U.S. Bankruptcy Court, Western District of Wisconsin, Federal Holidays (2026 schedule), read November 8, 2026.
Cite this page: Chicago First Time Home Buyer, “Closing Timeline in Chicago: From Accepted Offer to Keys,” chicagofirsttimehomebuyer.com/buying-process/closing-timeline/, last reviewed November 8, 2026.