Highland Park 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 Highland Park, 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.

Three transfer taxes can apply. The Illinois State tax is $0.50 per $500 of taxable value, or fraction thereof, under 35 ILCS 200/31-10, and the Lake 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. Highland Park also imposes a municipal transfer tax. The city's published materials identify a rate of $5 per $1,000 of full actual consideration, or fraction thereof, and seller payment, with the fee schedule citing Highland Park Code Section 97.1000(B). Lake County requires the Highland Park stamp, or a signed exemption certificate, before it will record the deed electronically. Because the city's 2026 ordinance and procedures could not be independently confirmed, verify the current rate, exemptions, and application method with the City's Finance Department 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.

Highland Park is in Lake County, and deeds are recorded with the Lake County Clerk's Recording Division, 18 North County Street, 6th Floor, Waukegan. The Lake County Clerk and Recorder of Deeds offices consolidated effective December 1, 2022, and recording services are now provided through the County Clerk's Recording Division. Electronic recording is available, and the title company should confirm the submission method and anticipated recording timing. For Highland Park property, Lake County requires the municipal transfer stamp or a signed exemption certificate before it will record the deed electronically, together with the applicable transfer declaration or exemption documentation and other recording requirements. The practical consequence is that a missing municipal stamp can delay recording even after the parties have signed, so the stamp should be obtained before the closing date rather than on it.

Older Highland Park homes can carry unreleased mortgages, gaps from estate or trust transfers, recorded easements, and restrictive covenants from historic subdivisions, and lakefront or ravine lots can raise survey and setback questions. The title commitment identifies the insurer's requirements and proposed exceptions. The survey should be reviewed with the commitment for depicted improvements, encroachments, and easements, subject to the survey's scope and qualifications. 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. The practical consequence is that the commitment and survey should be reviewed as soon as they arrive, so that title and survey issues are addressed before closing rather than at the closing table.