Illinois Buyer Title and Escrow Process

Buying a house? Unsure what to expect as you close?

Our experts break down the steps you’ll go through when it comes to title and escrow.

  1. The contract is executed by all parties and sent to Title/Escrow Company  
  2. Earnest Money and Option funds are delivered to the Title/Escrow Company as per Contract. 
  3. A title search is conducted on the property to determine the status of title. Afterwards, a Title Commitment is provided to you and your lender for review along with current tax information on the property.
  4. The existing property Survey is sent for approval or a new one is ordered if required as per the Contract. 
  5. Your escrow team will order any required mortgage payoffs, and HOA documents for your review as needed to ensure that any outstanding items are paid at closing.  
  6. Loan documents are submitted by the lender to escrow on your behalf so that a Final Closing Statement can be prepared for your review prior to closing. 
  7. Escrow will schedule a time for you and the seller to sign your closing documents.  
  8. Final documents are signed in the presence of a certified notary at your scheduled closing. 
  9. The sale is registered with the county, updating ownership records, and funds are disbursed 
  10. Your real estate agent gives you keys: you officially own a home, congratulations! 
  11. A copy of your recorded deed and your Owner’s Title Policy is delivered to you after closing. 

*Steps may depend on the region within Illinois

This article is part of the Home Buyer Guide.