At closing in Illinois, what is credited to the buyer of a property?

In the context of a closing in Illinois, earnest money is credited to the buyer as it represents a portion of the purchase price and shows the buyer's commitment to the transaction. When the closing occurs, this deposit is applied towards the buyer's costs, effectively reducing the amount they need to pay at closing.

Earnest money is typically held in a trust account until the closing, and once the sale is finalized, it is used as part of the overall payment for the property. This method not only facilitates the transaction but also provides assurance to the seller that the buyer is serious about completing the purchase.

In contrast, the sale price does not get credited to the buyer; it is the total amount the buyer has to pay. Property taxes paid in advance refer to expenses that may have been settled by the seller and do not provide a credit to the buyer, while any unused seller's insurance premium would typically not translate to a buyer credit either. Thus, understanding the role of earnest money in the closing process clarifies why it is the correct answer.