Chicago FSBO Home Purchase Timeline & Buyer/Seller Cost Guide
Overview for Pre-Approved Buyers
This streamlined timeline and cost overview is designed for buyers and sellers looking to handle a Chicago home sale directly—without real estate agents—by working together with experienced real estate attorneys. By skipping agent commissions, both parties can save thousands and enjoy more control and flexibility throughout the process. With attorneys guiding the paperwork and closing, FSBO transactions like this can be straightforward, efficient, and rewarding for everyone involved.
Agent-Friendly:
We welcome buyers working directly with us or through a real estate agent. If you are represented by a buyer’s agent, we are offering a 2% commission. Buyers without agents can work directly with us and our attorneys for a simple, commission-free transaction.
Transaction Timeline (Offer Date = Day 0)
Day 0 – Offer Submitted - money will be held with Chicago Title.
• Buyer subm its an offer using the Illinois Multi-Board Residential Real Estate Contract 7.0 commonly used in FSBO transactions and functions as the Purchase and Sale Agreement (P&S)
• Initial earnest money of $5,000–$10,000 is submitted with the offer or within 1–2 business days. Held with Chicago Title.
• Buyer’s attorney typically prepares and delivers the offer
Days 1–5 – Agreement Finalization Period
• Additional earnest money submitted to bring total to $20,000–$30,000 (2–3% of the purchase price)
• Earnest funds are held by the buyer’s attorney or title company (no listing brokerage involved)
By Day 5
• Contract terms are finalized and fully executed
• Buyer submits formal mortgage application
Days 6–25 – Financing & Title Coordination
• Buyer’s lender orders an appraisal
• Attorneys and title company coordinate title work and documentation
• Seller provides required plat of survey and title documents
Days 25–35 – Pre-Closing
• Buyer receives “Clear to Close” from lender
• Closing Disclosure issued at least 3 business days before closing
• Buyer finalizes wire or certified funds
Closing Day (Typically Day 30–40)
• Buyer and seller sign closing documents
• Buyer delivers funds and receives keys
• Title is officially transferred
Buyer Estimated Costs
Earnest Money: $20,000–$30,000 total (2–3% of purchase price)
Down Payment (typical 20%): $199,000
Appraisal (via lender): $500–$750
Lender & Loan Fees: $1,000–$2,500
Buyer’s Attorney: $600–$1,000
Title Insurance (lender’s policy): $500–$700
City Transfer Tax: $7,462.50 ($7.50 per $1,000)
Recording Fees: $200–$300
Homeowner’s Insurance (1st year prepaid): $1,200–$2,000
Total Buyer Closing Costs (excluding down payment): ~$12,000–$18,000
Seller Estimated Costs
Seller’s Attorney: $600–$1,000
Owner’s Title Insurance Policy: $2,000–$3,000
Plat of Survey (required): $500–$700
City Transfer Tax: $2,985 ($3.00 per $1,000)
Title Closing Fees: ~$250–$500
Property Tax Proration (credit to buyer): ~$11,893.28 (based on 105% of prior year’s taxes)
Broker Fee: None (FSBO sale)
Total Seller Closing Costs: ~$18,000–$21,000 (not including mortgage payoff)
Disclaimer:
The information provided on this page, including the sample timeline, estimated costs, and process overview, is for general informational purposes only and is not intended as legal, financial, or real estate advice. While reasonable efforts have been made to ensure the accuracy of the information, the seller makes no representations or warranties, express or implied, as to the completeness or accuracy of the information contained herein. Actual costs, timelines, and procedures may vary based on individual circumstances, lender requirements, and service providers.
The seller shall not be liable for any errors, omissions, or inaccuracies in the information provided, except for matters the seller is required to disclose under Illinois law and of which the seller has actual knowledge. Prospective buyers are encouraged to verify all information independently and to seek advice from qualified professionals, including real estate attorneys, lenders, and inspectors, prior to making any decisions or entering into any agreements.
By using this website, you acknowledge and agree that the seller is not responsible for any losses or damages that may arise from reliance on the information provided herein.