Glenview Real Estate Closing Attorney

Illinois does not require every buyer or seller to hire a closing attorney, but the Illinois Supreme Court has drawn a line between what a real estate broker may do and legal work. In Chicago Bar Ass'n v. Quinlan & Tyson, Inc., 34 Ill. 2d 116 (1966), the Court allowed brokers to insert simple factual information into customary offer and contract forms, but treated preparing deeds and other title instruments for others, and advising on their legal effect, as legal work. In Glenview, the Multi-Board Residential Real Estate Contract 8.0 also gives each party's attorney a five-business-day review period after acceptance to approve, disapprove, or propose modifications. The practical consequence is that a party who does not retain counsel risks allowing the attorney-review period to expire without exercising the rights provided by paragraph 13 and may lack independent legal advice concerning the contract, title commitment, and closing documents.

Paragraph 13 of the Multi-Board Residential Real Estate Contract 8.0 gives each party's attorney five business days after the Date of Acceptance to approve the contract, disapprove it (but not solely because of the purchase price), or propose modifications other than the purchase price. Proposed modifications under paragraph 13(c) are treated as counteroffers. If the parties do not reach written agreement on those modifications within ten business days after the Date of Acceptance, either party may terminate by notice; the contract does not automatically expire on day ten. Proposals specifically referencing paragraph 13(d) are not counteroffers and do not create a termination right merely because agreement on those proposals is not reached. If no timely notice of disapproval or proposed modification is served, attorney review is waived and the contract remains in effect. Attorney review is a contractual provision, not a statutory review period; calculate its deadline using the contract's Date of Acceptance, Business Day, and Notice provisions, together with any agreed amendments or extensions.

The Village of Glenview states that Glenview does not have a transfer stamp, so no village stamp purchase is required at closing. State and county transfer taxes still apply. The Illinois State tax is $0.50 per $500 of taxable value, or fraction thereof, under 35 ILCS 200/31-10, and the Cook County tax is $0.25 per $500, or fraction thereof; under paragraph 18 of the Multi-Board Residential Real Estate Contract 8.0, the seller pays those stamps unless local ordinance designates otherwise. On a $950,000 sale, that is $950 in State tax and $475 in Cook County tax. The practical consequence is that a Glenview closing has one fewer municipal step than many neighboring towns, but the final water reading still has to be scheduled before closing.

Illinois property taxes are generally billed and paid in the year after the tax year, which is commonly described as payment in arrears. As a result, the seller usually credits the buyer at closing for the seller's share of taxes that will be billed later. Under paragraph 12 of the Multi-Board Residential Real Estate Contract 8.0, prorations run through and including the closing date, and general real estate taxes are prorated using a negotiated percentage of the most recent ascertainable full-year tax bill. The percentage is a blank the parties complete; no single percentage applies to every closing. Ordinary tax prorations are final at closing unless paragraph 12(b) applies or the parties agree otherwise in writing. The practical consequence is that the proration percentage, and any exemption or reassessment issue, should be addressed during attorney review rather than at the closing table.

Glenview is in Cook County, and deeds are recorded with the Cook County Clerk's Recordings Division, 118 North Clark Street, Room 120, Chicago. The Cook County Clerk assumed the duties of the former Recorder of Deeds in December 2020, so recording services are now provided through the Clerk's Recordings Division. Electronic recording is available, and the title company should confirm the submission method and anticipated recording timing. The title company should also coordinate the applicable transfer declaration or exemption documentation, tax stamps, and recording submission. Glenview does not require a village transfer stamp, but the final water reading should be scheduled approximately 7 to 10 business days before closing. The parties should coordinate recording requirements with the title company and separately confirm the final water reading and payment of village utility balances before closing.

A Glenview seller should schedule the final water reading approximately 7 to 10 business days before closing, as the village advises, because water and sewer balances remain with the property. The seller should also gather the deed, any survey, association documents and paid assessment letter if the home is in an association, payoff information for every mortgage and home equity line, and any trust certification if the property is held in trust. The title company will list its requirements in the commitment. Paragraph 20 of the Multi-Board Residential Real Estate Contract 8.0 requires delivery of the title commitment sufficiently in advance of closing and addresses unpermitted title exceptions and unacceptable survey matters. Those matters should be identified promptly and addressed before closing under the contract and any agreed amendments. Gathering the required documents and arranging applicable municipal steps early can reduce the risk of closing-week delays.