The Illinois Attorney Review Period, Explained
In Illinois, a signed residential contract is not final. Under the Multi-Board Residential Real Estate Contract, each party has five business days after the Date of Acceptance to approve the contract, disapprove it, or propose modifications to anything except the purchase price. The clock starts the business day after acceptance, weekends and federal holidays do not count, and if nobody serves notice within the window, the right is waived and the contract stands.
Two parts of this catch people, and neither is the five-day rule everyone quotes.
Questions this guide answers:
- Is my contract binding once I sign it?
- How exactly is the five days counted?
- Can my attorney change the price?
- What happens if the two attorneys cannot agree?
- Can I back out for any reason?
- What if I miss the deadline?
- Does attorney review cover the home inspection?
- What changed in the newer contract versions?
George Kolar and Chicago Suburb Living have specialized in Chicago suburban 55+ and active adult real estate since 2005, helping more than 350 clients buy and sell homes. George holds the SRES designation, the National Association of REALTORS credential for working with clients aged 50 and above.
George is a licensed REALTOR, not an attorney. Illinois law prohibits agents from practicing law, and this guide explains the process so you understand the timeline. Every question about your specific contract belongs to your attorney.
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Why Illinois Works This Way
Illinois is an attorney state. Residential closings here customarily involve lawyers on both sides, which is not true in much of the country.
The Multi-Board Residential Real Estate Contract is the standard form used across northern Illinois, drafted by a committee of metro-Chicago attorneys and REALTOR associations. Attorney review lives in its own paragraph, commonly cited as paragraph 10 in version 7.0.
The purpose is straightforward. Offers are often written and accepted quickly, sometimes in a single evening. This clause builds in a short window for lawyers to read what was actually signed before anyone is locked in.
The Three Things an Attorney Can Do
| Option | What It Means |
|---|---|
| Approve the contract | The contract stands as written and moves forward |
| Disapprove the contract | The contract is terminated. Disapproval may not be based solely on the purchase price |
| Propose modifications | Any term except the purchase price. A price proposal is conclusively treated as a counteroffer |
Note the price carve-out. An attorney cannot use this window to renegotiate what you agreed to pay. If someone proposes a price change, the contract language treats it as a counteroffer regardless of how the proposal is labeled.
What Attorneys Usually Change
- Closing and possession dates
- Inspection scope and response timelines
- Mortgage and appraisal contingency terms
- Earnest money amount, timing and who holds it
- Title and survey requirements
- What personal property stays with the home
- Association document delivery for condos and townhomes
- Repair obligations and who performs them
- Clarifying vague or missing terms
Most attorney review periods do not end in termination. They end in negotiated changes that leave both sides better protected than the signed offer did.
How the Five Days Are Actually Counted
This is where people lose days without realizing it.
| Rule | Detail |
|---|---|
| When it starts | The business day after the Date of Acceptance, when the contract is fully signed and delivered |
| What counts | Business days only. Monday through Friday |
| What does not count | Saturdays, Sundays and federal holidays |
| Sign on a Friday | Day 1 is Monday |
| Deadline lands on a holiday | Generally extends to the next business day |
| Extension | Possible by mutual written agreement of the parties |
The Mistake That Costs You the Window
The clock runs from acceptance, not from the day your attorney receives the contract.
If you sign on Monday and your attorney does not get the contract until Thursday, you have not extended anything. You have spent three of your five days.
Get the fully executed contract to your attorney the same day it is signed. Your agent should do this automatically, and if it has not happened by the next morning, ask.
The Part Nobody Explains: Five Days vs Ten Days
Almost every article on this topic says "five business days" and stops. There is a second deadline, and it governs what happens when the two sides start negotiating.
Under the Multi-Board 7.0 language, if written agreement on all proposed modifications has not been reached after ten business days from the Date of Acceptance, either party may terminate by serving notice.
Version 7.0 clarified that both parties must wait out that ten-business-day period before terminating on this basis.
So the practical timeline looks like this:
| Timeframe | What Can Happen |
|---|---|
| Business days 1 through 5 | Either attorney may approve, disapprove, or propose modifications |
| Business days 5 through 10 | The parties negotiate the proposed modifications |
| After business day 10 | If all modifications are not resolved in writing, either party may terminate |
This matters because a proposal made on day five does not have to be resolved on day five. There is a negotiating runway built into the contract, and knowing it exists keeps people from panicking on day four.
Silence Waives the Right
If notice of disapproval or proposed modifications is not served within the time specified, the provisions of the attorney review paragraph are deemed waived and the contract remains in full force and effect.
There is no grace period and no automatic extension.
An attorney who is on vacation, a contract that sat unopened in an inbox, a client who did not return a call: none of that stops the clock. When the window closes, it closes.
Termination Is Absolute
Worth knowing before anyone serves a termination notice.
Under the contract language, if notice of termination is given, the termination is absolute and the contract is rendered null and void, notwithstanding any language purporting to allow one party to unilaterally reinstate it by withdrawing a proposal.
In plain terms, you cannot terminate and then change your mind. If the other side has moved on, they have moved on.
This is a real risk for a buyer who uses termination as a negotiating tactic. The seller may simply accept it and take the next offer.
Is the Contract Really Binding During This Period?
Practically, a signed contract with an open attorney review period is not yet firm. Either side can still unwind it without breaching.
Once the window closes without a disapproval or an unresolved modification, the contract becomes binding on both parties. At that point:
- Earnest money is no longer automatically returnable. It can only come back under the contract's specific contingency provisions.
- The buyer proceeds under the inspection contingency deadline.
- Exiting the deal now requires a contingency, not a change of heart.
That shift is the single most important thing to understand about this period. Before it closes you have wide latitude. After it closes you have specific, limited outs.
Attorney Review Is Not the Inspection
These two run at roughly the same time and get conflated constantly.
| Attorney Review | Inspection Contingency | |
|---|---|---|
| What it examines | The contract language | The physical condition of the home |
| Who handles it | Your attorney | A licensed home inspector, then your attorney |
| Typical window | 5 business days from acceptance | Commonly 5 to 7 days, often concurrent |
| Can it end the deal? | Yes, within its window | Yes, within its own terms |
| Price negotiable? | No | Repairs and credits are negotiable |
Because they overlap, buyers should schedule the inspection immediately after acceptance rather than waiting to see how attorney review goes. Waiting compresses both timelines.
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The Change That Matters Most to Sellers of Older Homes
This one deserves attention if you are selling a home you have owned for decades.
Version 7.0 of the Multi-Board contract revised the inspection contingency so that minor repairs, routine maintenance items, and painting, decorating or other cosmetic items are no longer allowable reasons for a buyer to terminate. The actual cost to repair those items is treated as irrelevant.
For a seller with a 1990s kitchen, a worn deck and a punch list of small items, that is meaningful protection. A buyer cannot walk over cosmetics.
It does not protect you on genuine defects, and it does not remove your disclosure obligations. But it narrows the range of things that can blow up a deal after inspection.
Confirm with your attorney which contract version your transaction uses, since the language differs between versions.
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If You Are Buying and Selling at the Same Time
Most downsizers are running two transactions, which means two attorney review periods, often overlapping and on different clocks.
Things that go wrong:
- The sale of your current home is modified in a way that shifts your closing date, breaking the alignment with your purchase
- Your buyer terminates during their review, leaving you under contract on a home you can no longer fund on schedule
- You use the same attorney for both sides and the two files move at different speeds
- Possession terms change on one side and no longer match the other
Use one attorney for both transactions if you can, and make sure they know from day one that the two are linked. An attorney who does not know you have a dependent purchase may negotiate a closing date that works beautifully in isolation and ruins your week.
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Condo and Townhome Buyers: Watch the Documents Clock
If you are buying an attached home, association documents are part of this stage.
Newer contract versions place the obligation on the seller to request the condominium or homeowners association documents from the association within five business days of the Date of Acceptance, rather than requiring the buyer to demand them.
Those documents are where the budget, reserve study, rules and any special assessment history live. Your attorney needs time to read them, and associations can be slow to produce them.
Ask on day one whether the request has gone out.
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What to Do During Attorney Review
- Send the executed contract to your attorney the day it is signed. Not the next day.
- Schedule the home inspection immediately. Do not wait for review to conclude.
- Confirm your attorney has your correct phone and email and knows your availability that week.
- Tell your attorney about any linked transaction on the first call.
- Buyers: confirm your lender has everything they need. Financing timelines start running too.
- Condo and townhome buyers: confirm the association document request has gone out.
- Respond quickly. A day of silence on your end can consume a fifth of the window.
- Do not schedule travel that week if you can avoid it.
Questions to Ask Your Attorney
- Which contract version is this transaction using?
- What is the exact last day of my attorney review period?
- What is the ten-business-day date if we end up negotiating modifications?
- What modifications are you proposing, and why?
- What has the other side proposed?
- What happens to my earnest money if this terminates?
- When does my inspection contingency expire?
- What are my actual outs after this period closes?
- For condos, have the association documents been requested?
- If I am also selling, how do these two timelines interact?
Frequently Asked Questions
What is the attorney review period in Illinois?
A window in the standard residential contract, commonly five business days after the Date of Acceptance, during which each party's attorney may approve the contract, disapprove it, or propose modifications to terms other than the purchase price.
Is my contract binding during attorney review?
Practically, no. A signed contract with an open review period can still be unwound by either side. Once the window closes without disapproval or unresolved modifications, it becomes binding.
How are the five business days counted?
From the business day after the Date of Acceptance. Saturdays, Sundays and federal holidays do not count. Sign on a Friday and Day 1 is Monday.
Does the clock start when my attorney gets the contract?
No. It runs from acceptance. Delivering the contract to your attorney late does not extend the period, it just gives them less time.
Can my attorney renegotiate the purchase price?
No. The contract excludes the purchase price from proposed modifications, and a price proposal is treated as a counteroffer.
What if the two attorneys cannot agree on modifications?
Under the Multi-Board 7.0 language, if written agreement on all proposed modifications has not been reached after ten business days from acceptance, either party may terminate by serving notice.
Can I cancel for any reason during attorney review?
Either attorney may disapprove within the window, and disapproval may not be based solely on the purchase price. Whether your situation qualifies is a question for your attorney.
What happens if I miss the deadline?
If notice is not served within the time specified, the attorney review provisions are deemed waived and the contract remains in full force.
Can I change my mind after terminating?
Generally no. Termination under this paragraph is absolute, and the contract language does not permit unilateral reinstatement by withdrawing a proposal.
Is attorney review the same as the home inspection?
No. Attorney review examines the contract. The inspection contingency examines the property. They typically overlap but are separate provisions with separate deadlines.
Can a buyer terminate over cosmetic issues after inspection?
Version 7.0 revised the inspection contingency so minor repairs, routine maintenance and cosmetic items are no longer allowable grounds for termination. Confirm which version applies to your contract.
Can the period be extended?
Yes, by mutual agreement of the parties. It is not automatic and should be documented.
Do I have to use an attorney in Illinois?
Illinois does not require it in every circumstance, but residential closings here customarily involve attorneys on both sides, and the standard contract is built around that assumption. Proceeding without one is a decision to discuss carefully.
Can George Kolar handle attorney review for me?
No. George is a REALTOR, not an attorney, and Illinois law prohibits agents from practicing law. He gets the executed contract to your attorney immediately, tracks the deadlines alongside them, and refers attorneys who work in your market.
Why Work With George Kolar and Chicago Suburb Living
Attorney review is short, and most of what goes wrong in it is logistical rather than legal. A contract sent a day late. An inspection scheduled a day late. An association document request nobody made.
George Kolar has worked in Chicago suburban real estate since 2005, has helped more than 350 clients buy and sell homes, and holds the SRES designation for working with clients aged 50 and above. His practice covers DuPage, Kane, Kendall, Will and McHenry counties.
During attorney review, George can help with:
- Getting the executed contract to your attorney the day it is signed
- Scheduling the inspection immediately so the timelines do not collide
- Tracking both the five-day and ten-day dates
- Confirming association documents have been requested on attached homes
- Coordinating between your attorney, your lender and the other side
- Keeping a linked sale and purchase aligned on dates and possession
- Referrals to real estate attorneys who close in your market regularly
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Final Thoughts
Five business days sounds like plenty until a Friday signature, a weekend and a holiday turn it into three working days with an inspection to schedule.
Two things protect you. Get the contract to your attorney the day it is signed, and answer your phone that week.
Everything else is what you hired the attorney for.
Contact George Kolar for an attorney referral
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George Kolar, SRES
Chicago Suburb Living | Brokered by eXp Realty
630-479-1400
George@ChicagoSuburbLiving.com
Sources and Official Resources
Laws, limits and deadlines change. These are the official sources behind this guide; check them for the current rules before you act.
- A Question of Community, Contracts and Scope of License (Illinois REALTORS)
- Chicago Bar Ass'n v. Quinlan and Tyson, Inc., 34 Ill. 2d 116 (1966) (Harvard Law School Caselaw Access Project)
- New and Upcoming Forms and Contracts for 2025 (Multi-Board 8.0) (Chicago Association of REALTORS)
- Buying a Home (Illinois Legal Aid Online)
This article is provided for general real estate education and is not legal advice. George Kolar is a licensed real estate broker and is not an attorney. Contract language, deadlines, notice requirements and remedies vary by contract version, by rider, and by the specific terms of your transaction, and they change over time. Nothing here should be relied upon as a substitute for advice from a licensed Illinois real estate attorney regarding your own contract.
