Buying a Lincoln Park condo? The attorney review and inspection period can make or break your deal. These steps move fast in Chicago, and small timing mistakes can cost you leverage or even your earnest money. In this guide, you’ll learn what each period covers, typical Chicago timelines, condo document review, and how to handle extensions the right way. Let’s dive in.
Attorney review explained
Attorney review begins as soon as your contract is fully signed. In Chicago-area standard forms, the typical length is five business days. During this time, each side’s attorney can propose changes, raise objections, or terminate per the contract if you cannot reach agreement.
Attorney review focuses on legal and contractual issues. Your attorney may address title exceptions, contingency language, and condo association matters. If no written objections are delivered within the period, the contract usually becomes binding as written.
In competitive situations, some buyers try to shorten or waive parts of attorney review to look stronger. That can raise risk because you lose a key window to adjust terms. Make sure you understand the trade-offs before limiting review.
Inspection period basics
Your inspection contingency is separate from attorney review and usually runs at the same time. In Chicago, buyers commonly have 7-14 calendar days to complete inspections, review reports, and submit repair or credit requests.
You schedule inspectors right away for items like general home, HVAC, electrical, plumbing, and more specialized evaluations if needed. After you receive reports, you can ask the seller for repairs, a credit, a price change, or you can cancel if the contract allows and the condition is unacceptable. Sellers typically respond within a few days, and many deals set a 24-72 hour response expectation.
For condos and townhomes, some items are the association’s responsibility. Think roof, common hallways, or exterior systems. If those issues come up, expect more coordination with the HOA or management, which can add time.
Condo documents and your review window
Condo buyers usually receive a resale packet that includes budgets, insurance, rules, meeting minutes, and disclosures about special assessments or litigation. Associations or managing agents often need 7-14 calendar days to produce the packet, and they may charge a fee. Your contract typically gives you 5-14 days to review once you receive it.
If the condo docs arrive late, attorneys often request written extensions so there is time to analyze the documents. This is common, especially in older Lincoln Park buildings where association history and maintenance plans matter. Plan for the timing and build in room to review before your deadlines expire.
Typical Chicago timelines
Balanced market example
- Day 0: Offer accepted and countersigned.
- Days 1-5 (business days): Attorney review period runs. Your attorney reviews contract language and condo issues.
- Days 1-10 (calendar): Inspection period runs. You complete inspections and submit requests.
- By the end of the windows: Parties agree on repairs or credits and sign amendments, or the buyer cancels within the contractual rights.
Competitive market example
- Shorter inspection window (often 5-7 days) and pressure to limit repair requests.
- Attorney review may stay at five business days, but there is less flexibility.
- You may pre-book inspectors and line up your attorney so you can act same day.
Negotiating repairs and credits
After inspections, put requests in writing with report references. Sellers will accept, counter, or decline. Many deals set a 24-72 hour back-and-forth rhythm.
For condo items, clarify whether the issue is a unit responsibility or an association responsibility. If the HOA must approve or schedule work, you may request a buyer credit at closing instead of a repair. Aim for simple, written amendments that clearly outline who does what and by when.
Extensions: how to protect your rights
- Get extensions in writing. Any change to attorney review, inspection, or condo-doc deadlines must be signed by both parties.
- Ask before the deadline. On-time requests are commonly granted. Late requests can be disputed.
- No standard fee. Extensions are usually no-cost amendments, although credits or other adjustments can be negotiated.
- Know the risk. If a deadline lapses without a written extension, you may lose the right to cancel for that contingency.
Common pitfalls to avoid
- Relying on verbal extension promises. Always use signed amendments.
- Waiting to schedule inspections until attorney review ends. You may run out of time.
- Skipping a thorough condo document review. Association budgets, insurance, or assessments can impact your decision.
- Missing earnest money, attorney review, inspection, or financing dates. Track every deadline.
Buyer checklist for Lincoln Park condos
- Hire a Chicago-area real estate attorney before or right after acceptance.
- Pre-book inspectors and aim to complete inspections within 24-48 hours.
- Request the condo resale packet immediately and budget for the association’s fee.
- Keep all requests and extensions in signed writing.
- If condo docs are delayed, request extensions early.
- Coordinate with your lender so appraisal and financing contingencies stay on track.
- In a hot market, weigh any shortening or waiving of contingencies carefully with your attorney.
Earnest money and cancellations
After attorney review ends without objections, the contract becomes binding as written. Your ability to cancel without risking earnest money is then limited to any remaining contingencies, such as inspection, financing, or appraisal. If you cancel outside those windows, the seller may claim you are in breach and seek to keep your earnest money under the contract.
Local guidance for Lincoln Park buyers
Lincoln Park offers a wide range of vintage walk-ups, mid-rise associations, and newer luxury buildings. Each has different association norms, timelines, and document depth. A clear plan for attorney review, inspection, and condo-doc review helps you move quickly without giving up protection.
If you want a calm, coordinated process backed by local expertise, data, and strong communication, let’s talk. Connect with Lesley Sweeney to schedule your complimentary market consultation.
FAQs
What is attorney review in Chicago real estate?
- It is a five-business-day period after contract acceptance when either side’s attorney can propose changes or terminate per the contract if you cannot reach agreement.
How long is the inspection period for a Lincoln Park condo?
- Chicago buyers commonly have 7-14 calendar days to complete inspections, review reports, and submit requests for repairs, credits, or cancellation per the contract.
Can I cancel during attorney review in Illinois?
- Standard Chicago-area forms allow attorney objections and, if no agreement is reached within the period, termination per the contract; timing and written notice rules apply.
What if the condo association delays the resale packet?
- Attorneys often request written extensions to the condo-doc review and sometimes the inspection period so you have time to review the documents before deadlines.
Who pays for inspections and condo resale documents?
- Buyers pay for inspections; associations charge a fee for the resale packet, which is allocated to buyer or seller based on contract terms and association practice.
What happens if I miss an inspection or review deadline?
- You may lose the right to cancel for that issue and could be bound to proceed; request extensions in writing before deadlines to protect your rights.
