60-Second Answer: What Is Attorney Review?

1. It’s a 5-business-day window that starts the day the fully signed contract is delivered to both attorneys.
2. During that window, your attorney can modify the contract, object to specific terms, or terminate it outright. No penalty. Earnest money comes back if terminated properly.
3. After the window closes, every term in that contract is binding. If you want out after that, you’re negotiating against the contract, not inside it.
4. Inspection and disclosure review usually happen inside this same window. Good attorneys sequence the inspection so results come back before the review period ends.
5. If the other side’s attorney ignores the deadline, the contract is still binding. Silence is not acceptance of your changes. It locks in the original terms.

Where the 5-Day Window Comes From

Attorney review is not an Illinois statute. It’s a contract provision. Paragraph 11 of the Multiboard 7.0 Residential Real Estate Contract (and earlier versions) creates the window. Every major realtor association in Illinois uses this contract or a close variant, which means attorney review is universal in practice even though it’s not required by the Real Estate License Act, 225 ILCS 454.

The standard contract gives the parties’ attorneys 5 business days from full signature to:

1. Propose modifications (rider language, price adjustments, credits, closing date changes)
2. Raise objections to specific terms (often after inspection)
3. Declare the contract null and void with earnest money refunded

If neither attorney acts, the contract is accepted as written. That’s the part most buyers don’t realize. If you think you can just sit out the 5 days and walk away, you can’t. Silence confirms the deal.

What “5 Business Days” Actually Means

Business days means Monday through Friday, excluding federal and Illinois state holidays. Saturday and Sunday don’t count. The day of full signature doesn’t count. So a contract signed Tuesday runs through the end of the second Tuesday after. Around major holidays, the window stretches longer than people expect. I’ve had review periods run 10 calendar days because of Thanksgiving and Christmas.

What I Actually Do During Your Attorney Review Period

Here’s the sequence on a typical buy-side review. On the sell side, the same work happens; I’m just on the other side of the table.

Day 1-2: Read the Contract, Flag Everything

• Read the full contract and every rider. Every line.
• Compare the riders actually attached to what the buyer expected to sign.
• Flag tax proration language. This is the single most-litigated line at closing.
• Flag possession terms. Post-closing possession escrows live or die on the rider language.
• Flag earnest money handling. Who holds it, and what triggers release?
• Flag any seller concessions, credits, or repair caps.

Day 2-4: Inspection, Disclosure, Condo 22.1

• Inspection usually falls day 2 or 3. Report comes back 24-48 hours later.
• Pull the seller disclosure under 765 ILCS 77 (the Residential Real Property Disclosure Act) and cross-check against the inspection findings.
• For condos, request and review the Section 22.1 disclosure under 765 ILCS 605/22.1. This is where special assessments, reserve shortfalls, and pending litigation surface.
• Pull the title commitment and start the title review in parallel.

Day 4-5: Write the Modification Letter

• Draft a formal modification letter to the other side’s attorney listing every change the buyer wants. Typical items: credit for inspection findings, tax proration fix, possession escrow increase, specific repair commitments.
• Negotiate by phone and email through the end of day 5.
• If we reach agreement, the modification letter becomes an addendum. If we don’t, I advise the buyer on whether to accept, push harder, or terminate.

What Goes Wrong When Attorney Review Is Handled Poorly

Every number below comes from real deals I’ve either handled or been called to clean up. These are not hypotheticals.

What Went Wrong	Typical Cost
Review period expired before inspection results arrived (buyer stuck with a roof problem)	$8,000 to $25,000 out of pocket
Tax proration language used the prior year’s bill without a rebill clause	$2,000 to $12,000 buyer shortfall at first tax bill
Condo 22.1 not reviewed; special assessment hit after closing	$4,000 to $40,000 assessment
Modification letter never got a written response; buyer assumed changes were accepted	Loss of earnest money plus original terms binding
Review waived entirely to make the offer more competitive	Full exposure to any defect or lien discovered after closing
My fee for handling attorney review as part of closing	$500 buy-side single family | $0 sell-side

Common Objections I Write During Attorney Review

Every deal is different, but a handful of objections come up in almost every transaction. This is the kind of list you want your attorney working through, not your realtor.

• Tax proration rebill clause. Illinois taxes are paid a year in arrears. Without a rebill clause, the buyer eats any shortfall when the actual tax bill arrives.
• Specific repair language. “Seller will repair at closing” is useless without a vendor standard and a credit mechanism if the repair isn’t complete.
• Post-closing possession escrow. If the seller stays in the property after closing, the escrow has to be big enough to cover worst-case damage and holdover rent.
• Condo 22.1 disclosure deadline. Without specific language, the 30-day 22.1 response clock can run past closing.
• Appraisal contingency language. Generic language lets the lender drag the appraisal. Specific language gives the buyer a termination right with a date.
• Title and survey objections reservation. Keeps the buyer’s right to object to defects found in the title commitment after the review period.
• Earnest money release conditions. Spells out exactly what triggers release of earnest money in a termination scenario.

Attorney Review vs. Due Diligence

People use these terms interchangeably. They’re not the same thing.

Attorney review is the 5-business-day window inside the Multiboard 7.0 contract. It’s standard on almost every Illinois residential deal. I handle it as part of my flat-fee closing service.

Due diligence is the broader investigation phase on commercial or investor transactions. It usually includes pro-forma scrub, zoning review, environmental review, tenant estoppel letters, and existing lease review. On investor deals under $1M capital, I handle due diligence on a $2,000 retainer billed hourly. Above $1M, it’s quoted at engagement. Full detail at /due-diligence-lawyer/.

Why Have Me Handle Your Attorney Review

• Licensed in Illinois since 2015. ARDC #6311917. Verify at iardc.org.
• In court four-plus days a week. Real estate litigation and closings. I see what happens when reviews are handled poorly.
• Same-day contract pickup. Send me the signed contract and I’ll have comments back inside 24 hours on a typical deal.
• I answer the phone. Clients text me during inspection. If I’m in court, I call back that day.
• Flat-fee pricing. $500 buy-side single-family single family, $0 sell-side. No hourly billing on a standard closing.
• Coverage across DuPage, Cook, Kane, Will, Lake, McHenry, and downstate Illinois including Peoria.

Frequently Asked Questions

How long is attorney review in Illinois?

5 business days from the date the contract is fully signed. Saturday, Sunday, and federal and Illinois state holidays do not count. A contract signed Tuesday runs through the second Tuesday after.

Can I waive attorney review?

Yes, and in a competitive market, some buyers do. I do not recommend it. Waiving review gives up your ability to modify the contract, object to inspection findings, or terminate without penalty. Every time I see a waived review come back to bite, it’s a bite that would have been cheap to prevent.

What if the seller’s attorney misses the 5-day deadline?

Silence is acceptance of the contract as written. The seller is bound. If I’m on the buy side and the seller’s attorney goes dark, I confirm the modifications in writing and move forward.

Does attorney review cost extra on top of closing?

Not in my office. $500 buy-side single-family closing includes attorney review. Sell-side seller representation includes attorney review at no additional charge.

What if my inspection finds major problems?

I draft a specific objection letter requesting credits, repairs, or termination based on the findings. The response we get back drives the decision. Most deals settle somewhere in the middle. Some terminate. A few close as written.

Can I terminate during attorney review and get my earnest money back?

Yes, if the termination is handled correctly. The Multiboard contract requires written notice from your attorney to the seller’s attorney, plus a written direction to the earnest money holder. Handled properly, the earnest money is refunded in full.

What happens if the other side refuses every modification I request?

You decide whether the deal is worth it at the original terms. This is the call I help you make. Sometimes the answer is yes. Sometimes it’s terminate and move on.

Do you handle attorney review for condo purchases?

Yes. Same $500 flat on the buy side. Condo review adds Section 22.1 disclosure review under 765 ILCS 605/22.1, which I pull and read in every condo deal.