In Illinois, earnest money typically:

Illinois does not require earnest money to equal a specific percentage of the purchase price. The amount is negotiable between buyer and seller and typically ranges from 1-5% of the purchase price.

Listing brokers generally do not hold earnest money in Illinois to avoid potential conflicts of interest. A neutral third party is required to properly safeguard these funds.

Earnest money is not automatically returned at closing. It is generally applied to the buyer's down payment or closing costs unless the contract specifies otherwise or the transaction fails due to contingencies.