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Illinois Seller Title and Escrow Process

2 minute read

Selling 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. Buyer delivers Earnest Money and Option funds to the Title/Escrow Company as per Contract. 
  3. A Seller Info Sheet is provided to you for completion so Escrow can have the necessary info needed to order final items for closing. 
  4. A title search is conducted on the property to determine the status of title. Afterwards, a Title Commitment is provided to you so you are aware of the items that will need to be addressed prior to closing.
  5. The existing property Survey is sent for approval or a new one is ordered if required as per the Contract. 
  6. 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.  
  7. If the buyer has a lender, Loan documents are submitted by the lender to escrow so that a Final Closing Statement can be prepared for your review prior to closing. 
  8. Escrow will schedule a time for you and the buyer to sign your closing documents.  
  9. Final documents are signed in the presence of a certified notary at your scheduled closing. 
  10. You receive your closing proceeds – Congratulations your home is sold! 
  11. The sale is registered with the county, updating ownership records to the new owner. 

*Steps may depend on the region within Illinois

This article is part of the Home Seller Guide.