Illinois Broker Reciprocity Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

In Illinois, the seller's attorney is typically responsible for preparing the closing statement. This is a critical document that outlines all financial aspects of the real estate transaction, including the purchase price, closing costs, adjustments, and other pertinent financial details. The seller's attorney's involvement ensures that the closing statement is accurately prepared in accordance with Illinois real estate laws and regulations.

The closing statement is essential for both parties in the transaction, as it details how much money is being transferred and what costs each party is responsible for. The attorney has the legal expertise to navigate any complexities and ensure that all closing costs are properly accounted for, facilitating a smooth transaction.

While the buyer’s attorney could also be involved in reviewing the closing statement, it is the seller's attorney's role to prepare the document, as they represent the party who is selling the property. This ensures the seller's interests are being adequately protected throughout the closing process.