Overview Illinois’ escrow process is similar to other attorney review states in that a real estate attorney is used to consummate the transaction and prepare all the closing documents.

Flat – this is a Chicago specific term used to define units in a building.  Example:  2 Flat, 3 Flat, 4 Flat – It may or

Vacancy – loss of income when a tenant is not living there Repairs – income spent on fixing items for tenants Cap Ex – Also known as capital