How long does a real estate closing take in Illinois?

Many people will tell you 45 minutes. I don't know where that myth came from but its not true unless there is no mortgage and  no one has a lawyer to explain what is going on. Buying or selling residential real estate in Chicago or the suburbs usually takes 2 to 3 hours; although the last hour is typically time spent waitng for the bank to review all of the documents and fund the sale. The first hour to hour and a half is usually spent making sure that you understand all the financial aspects, going over the mortgage with your lawyer if you are the buyer; and exchanging paperwork.