New Changes in the Multi-Board Residential Real Estate Contract 7.0

Web Admin - Friday, March 29, 2019
Inverness real estate contract lawyerWhen Illinois residents buy and sell homes, their real estate agents and lawyers generally use a standard form for the sales agreement, the 13-page multi-board residential real estate contract. The latest version, 7.0, should be used for all transactions initiated after March 1, 2019. It contains several important changes that make the contract easier to use than the 6.1e version that has been in use since 2015. 

Significant Changes in Real Estate Contract 7.0 versus 6.1e

The changes to the contract are mainly intended to help reduce errors and misunderstandings amongst all parties involved in a real estate sale. The most important changes that buyers, sellers, and real estate agents should be aware of are:

- Inspection contingency: Subparagraph (a) of the inspection paragraph has been rewritten to prevent buyers from demanding minor repairs. It now specifically states that minor repairs “shall not be a basis for the buyer to cancel” the contract. In addition, the seller can now terminate the contract and return the buyer’s earnest money if the buyer asks for repairs or credits unrelated to the major components of the property. 

- Financing contingency: The old Mortgage Contingency paragraph has been replaced by a Financing paragraph with a choice of three options: mortgage contingency, cash transaction with no mortgage, or cash transaction with mortgage allowed. The deadline for the buyer to serve notice that they did not get the specified mortgage is now fixed at either 45 days after acceptance or five business days before closing, whichever is earlier.

- Property tax representations: Two new seller representations have been added to the contract to better inform buyers about a home’s future property taxes. First, sellers must indicate if there are any home improvements that have not yet been assessed for property tax purposes, such as an addition or a new garage. Second, sellers must indicate if there have been any property improvements eligible for a home improvement tax exemption. 

- Attorney review: The language of this paragraph has been clarified so that any proposed change to the sales contract that references subparagraph (d) will be deemed a “proposal;” any other change will be deemed a counteroffer. A buyer or seller can void the contract due to disagreement over a counteroffer but not over a proposal. 

- Seller credits at closing: The paragraph stating whether the seller will pay the buyer’s closing costs has been moved from page 10 to page 1, so it is located near the purchase price.

- Fixtures and personal property included: Four more items were added to the list: hardscape, wall-mounted brackets for TV/AV equipment, water softener, and wine/beverage refrigerator.

- Foreign seller disclosure: If the seller is a nonresident alien or foreign corporation, this fact must be disclosed for federal tax reasons. 

Consult a Palatine Real Estate Lawyer

To ensure that your home sale and/or purchase proceeds smoothly and that your legal and financial interests are protected throughout the process, contact an experienced Arlington Heights real estate attorney by calling 847-934-6000. The attorneys of Drost, Gilbert, Andrew & Apicella, LLC will represent your interests in any real estate transaction. 

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Recent Posts


preventable medical errors Rolling Meadows medical malpractice lawyers employment attorney Illinois insurance claim attorney estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, severance agreements slip and fall accidents Palatine law firm dog bites Inverness elder law lawyer Illinois employment law preventing accidents Illinois employment lawyer employment law, Illinois employment laws Whistleblower Claims federal crimes Buffalo Grove real estate attorney probate process Illinois medical malpractice claim Rolling Meadows car accident lawyers Arlington Heights tax lawyer Des Plaines personal injury lawyers Chicago insurance law firm Illinois insurance attorney Illinois insurance claims lawyers employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys premises liability driving Crystal Lake medical malpractice lawyer Des Plaines medical malpractice attorney jet ski Federal Food Drug and Cosmetic Act wrongful termination Illinois criminal defense attorney field sobriety test real estate zoning Schaumburg construction accident lawyer POA Buffalo Grove corporate attorney Deer Park traffic accident attorney Rolling Meadows employment law attorney taxes trustee murder charges employee misclassification problem employees speeding life insurance lawyer traffic laws independent contractor Schaumburg medical malpractice lawyer Rolling Meadows Attorney truck collisions irrevocable trust Inverness probate lawyer Illinois tax attorney Buffalo Grove law firm life insurance claims wrongful death Illinois traffic attorney boating under the influence drug crime murder defense distracted driving accidents Chicago will attorney Deer Park DUI lawyer Palatine estate planning lawyer capital gains tax Buffalo Grove injury lawyer estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers in terrorem provision Chicago estate planning lawyer Des Plaines claims law firm Rolling Meadows DUI lawyer car accident estate planning lawyer IRELA homestead rights Illinois Probate Act of 1975 Palatine business attorney Arlington Heights employment law attorneys pedestrian injuries, pedestrian fatality Arlington Heights car crash attorneys Schaumburg estate attorney Crystal Lake insurance lawyer bad faith insurance claims Barrington Illinois estate planning lawyer Schaumburg employment law attorneys motorcycle accident commercial leasing traffic violations Crystal Lake will lawyer Buffalo Grove traffic attorney texting and driving Schaumburg drug defense lawyer Barrington employment attorney traffic accidents Deer Park traffic lawyer Deer Park criminal attorney Crystal Lake civil litigation lawyer Attorney Ken Apicella foreclosed rental property insurance claim operating agreements crossover accidents Illinois small business trust payments dealing with problem employees probate natural gas job lawyers comparative negligence Des Plaines civil attorney civil rights violation construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Schaumburg traffic lawyer Illinois insurance disputes Rolling Meadows personal injury lawyers Barrington employment law firm caregiver Illinois employment law firm slip and fall food poisoning Illinois civil litigation lawyer filing a medical malpractice claim right to work dram shop law Schaumburg Illinois injury lawyer Illinois speeding lawyer Arlington Heights employment attorney traffic tickets Rolling Meadows traffic law firm Inverness injury lawyer Chicago trucking accident attorney Schaumburg criminal law attorney consent to a search Inverness real estate attorney Des Plaines injury law firm Crystal Lake traffic attorney Arlington Heights Traffic Lawyer owner responsibility estate tax auto accidents creditors power of attorney life insurance policy child safety Transfer on Death Instrument Illinois wills and trusts attorneys liability claims Affordable Care Act Home Remodeling Repair Act Illinois employment law attorneys drunk driving statistics Arlington Heights estate planning attorney low-ball insurance settlement Des Plaines pet law attorney Schaumburg estate planning attorney holiday statistics vacation home fines Mount Prospect wills and trusts lawyers Self-Directed IRA Accounts no contest clauses Schaumburg employment attorney Des Plaines Traffic Lawyer home inspection lawyer Barrington business law firm employee rights minimum wage personal injury claims mortgage pedestrian-automobile accident insurance adjusters real estate motorcycle accident lawyer Illinois Human Rights Act traumatic brain injuries Schaumburg wrongful death attorney TBI Illinois construction accident attorney insurance claim delay dynasty trusts car crashes estate planning for college students agent unpaid overtime Policy Cancellation federal regulations for LLCs Forcible Entry texting while driving Illinois estate planning law firm Buffalo Grove personal injury attorney Illinois personal injury Buffalo Grove car accident lawyer income distribution deducation criminal law surgical mistakes Palatine civil litigation lawyer ACA Palatine probate lawyer personal injury accidents South Barrington real estate lawyer license reinstatement Barrington civil litigation attorney Arlington Heights wills and trusts attorneys trusts employment lawyer Illinois trucking safety investment property Illinois job attorney license Des Plaines motorcycle accident attorney Barrington employment law attorney trench injuries condo insurance denial appeals Rolling Meadows criminal lawyer Illinois Sales Representative Act elder abuse Illinois personal injury lawyers real estate attorneys real estate attorney Rolling Meadows employment law attorneys elder law Thanksgiving traffic offenses Rolling Meadows insurance dispute lawyers, insurance dispute license suspension insurance disputes Illinois motorcycle accident lawyer Schaumburg elder law lawyer Inverness accident lawyer Kenilworth estate planning attorneys pet law Illinois elder law attorney corporate law pedestrian accident Illinois corporate lawyer wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Rolling Meadows tax attorney Deer Park accident attorney license revocation BUI drugs ken apicella construction accidents car accident lawyers breach of contract Illinois traffic attorneys social media after death fatal car accidents Crystal Lake employment law attorney Illinois pet lawyer Palatine drug lawyer IRA benefits rumble strips Palatine real estate lawyer car collision Illinois Wage Payment and Collection Act digital media accounts, estate planning, Arlington Heights estate planning attorney, Palatine injury attorney natural gas explosion unpaid assessment Rolling Meadows personal injury lawyer bicycle dooring accidents privacy laws Palatine elder law attorney Inverness estate planning lawyer insurance claim denial distracted driving accident victims clemency healthcare living trust vs will pedestrian accidents Crystal Lake car accident attorney Deer Park personal injury lawyer trucking accidents eluding a police officer Crystal Lake employment attorney Illinois employment attorneys health insurance dispute Rolling Meadows litigation lawyer digital assets insurance dispute comp time personal injury claim boating DUI real estate closing Buffalo Grove criminal defense lawyer suspended license Arlington Heights wills and trusts attorney estate planning attorney Palatine corporate attorney business litigation digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers estate attorney Chicago car accident lawyer Rolling Meadows insurance dispute lawyers Illinois red light cameras rollover accidents Barrington real estate lawyer Deer Park workers compensation lawyer Crystal Lake traffic lawyer Illinois medical malpractice attorney deed transfer Des Plaines insurance attorney Crystal Lake criminal defense attorney workers compensation benefits living trust Fair Labor Standards Act Crystal Lake personal injury attorney medication errors healthcare claims Barrington criminal defense lawyer anesthesia errors Illinois personal injury lawyer Schaumburg civil litigation attorney Crystal Lake bike accident lawyer pay when paid contract personal injury lawyer civil litigation traffic crimes medical malpractice Arlington Heights TBI attorney Des Plaines criminal attorney marijuana contracts Schaumburg real estate lawyer college kids Rolling Meadows corporate lawyer IRA trust transfer car accident lawyer Long Grove wills and trusts attorneys landlord Crystal Lake law firm small business sexual images Crystal Lake tax lawyer Palatine construction attorney Illinois employee rights attorney. fiduciary rule delay Buffalo Grove medical malpractice lawyers Long Grove real estate attorney Palatine employment attorney foreclosure Des Plaines collections attorney DNR insurance agents Mount Prospect elder law attorney wage theft South Barrington real estate attorney insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Employment Discrimination Law hiring employees estate plan construction contracts Arlington Heights insurance attorney privacy new real estate form Des Plaines pizza emoji drug crimes Des Plaines real estate lawyer life insurance denied insurance claim bicycle accidents pain and suffering murder personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Chicago attorney nursing home negligence Barrington criminal lawyer Inverness DUI lawyer Palatine employment law lawyer Rolling Meadows real estate attorney underinsured motorist Chicago employment lawyer probate lawyer Illinois medical malpractice case Illinois employment laws car crash injuries real estate leasing Detainer Actions Arlington Heights lawyer Arlington Heights personal injury attorney Exclusions Inverness traffic law firm criminal record Arlington Heights personal injury lawyer Illinois estate planning Illinois rollover accident lawyers loopholes Palatine traffic accidents Illinois estate planning attorney Illinois car accident attorney Crystal Lake estate planning lawyer tax attorney Class A misdemeanor Arlington Heights criminal lawyer cell phone Family Medical Leave Act Chicago traffic lawyer wills and trusts employees IRS unauthorized overtime spinal cord injury Crystal lake insurance dispute attorney car crash Buffalo Grove insurance claim dispute lawyers employment law Barrington workers compensation attorney jet ski accidents Palatine employment lawyer Arlington Heights accident attorney Illinois business lawyer subcontractor criminal defense Long Grove estate planning attorney Colin H. Gilbert DUI attorney Illinois Workers’ Compensation Commission blended families Crystal Lake pet attorney Barrington injury attorney Palatine civil attorney defective products Illinois mortgages senior citizens Schaumburg criminal attorney vacation home Kenilworth estate planning attorney Schaumburg personal injury attorney Illinois LLC creation traffic violations defense real estate lawyer bike accident Illinois insurance lawyer Rolling Meadows boating crash lawyer modern family estate planning Barrington attorney Arlington Heights pedestrian accidents Illinois probate lawyer Buffalo Grove personal injury lawyer DUI defense Palatine traffic lawyer Des Plaines accident attorney Kenilworth estate planning lawyer Barrington boating accident attorney Legal Info cell phone accidents underage DUI Arlington Heights real estate lawyer Illinois boating accident lawyer Illinois traffic ticket lawyer Illinois driving without license Arlington Heights medical malpractice lawyer commercial real estate Barrington personal injury lawyer traffic deaths personal injury attorney Illinois home inspection rest breaks liability Palatine trusts lawyer PTSD Schaumburg corporate attorney Barrington estate planning lawyer Crystal Lake medical malpractice law firm digital evidence DGAA drug possession trauma after an accident workplace sexual harassment landlord tenant law Deer Park medical malpractice attorney Illinois workers compensation lawyer reckless homicide Rolling Meadows drug defense attorney Buffalo Grove traffic lawyers Palatine corporate law attorneys commercial leases Joliet general practice lawyers insurance claim denials Illinois insurance claim dispute lawyer Deer Park real estate law firm brain injury insurance claim dispute attorney Illinois law denial of life insurance Arlington Heights Attorney living trust benefits llinois Real Estate Lawyers Association criminal golf accidents Schaumburg injury lawyer Illinois registered agent defective products lawyer Buffalo Grove employment lawyer Crystal Lake car accident lawyer workers comp Rolling Meadows insurance lawyer internet accidental death benefits Mt Prospect Attorney Palatine Attorney hands free device car accidents Arlington Heights wills and trusts lawyer personal injury law firm probate claims process BAC caretaker rights Illinois trusts attorney Deer Park employment law attorney guardianship attorney Palatine insurance lawyer Arlington Heights trucking lawyer insurance claims Rolling Meadows estate planning attorney revenge porn Rolling Meadows probate lawyer insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Rolling Meadows accident lawyer mass shooting estate planning trusts Illinois real estate lawyer Crystal Lake pedestrian accident lawyer Palatine criminal defense lawyer unfunded trust cell phone tower data Illinois Illinois employment law attorney products liability icy parking lots Inverness civil lawyer Home Sale Contingencies Rolling Meadows marijuana attorney probate fees Crystal Lake injury attorney Illinois workplace discrimination attorney employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, insurance agent negligence paid sick leave Illinois defective products attorney changes to mortgage law Palatine workers compensation lawyer Illinois insurance dispute lawyers Crystal Lake employment lawyer Retaliatory Discharge Chicago employment attorney Illinois living will Schaumburg car accident attorney Des Plaines DUI attorney drunk driving Arlington Heights wills and trusts lawyers Chicago insurance claim attorneys Des Plaines personal injury lawyer Illinois Transfer on Death Instrument Illinois wrongful termination lawyer workers compensation pregnant women Illinois bicycle safety Deer Park motorcycle accident lawyer trucking accident lawyers first degree murder Chicago lawyer Barrington medical malpractice lawyers wills Colin Gilbert Landlord Tenant Ordinance involuntary manslaughter marijuana crimes attorney BAIID gift taxes fault based insurance Rolling Meadows employment attorney digital information startup company Illinois traffic laws underfunded trust Arlington Heights injury attorney Crystal Lake accident attorney Crystal Lake personal injury lawyer whistleblower protections Barrington drug crime attorney Palatine personal injury lawyer traumatic brain injury power of attorney for healthcare DUI penalities Schaumburg insurance lawyers installment contracts residential real estate Schaumburg Attorney fiduciary rule LLCs Illinois insurance claim dispute lawyers medical research rollover car crashes personal injury condo association institutional trustee medical malpractice claims sexual harassment Schaumburg probate attorney Des Plaines drug crimes lawyer rent to own real estate contracts Jay Andrew Illinois collections attorney Chicago corporate attorney Schaumburg personal injury lawyers blood alcohol content Rolling Meadows personal injury attorney Mount Prospect real estate lawyer FMLA Riverwoods estate planning lawyer expungement swimming pools Des Plaines drug lawyer gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Des Plaines personal injury attorney deadly crashes insurance attorney insurance dispute attorney Long Grove real estate lawyer Illinois Smoke Detector Act Rolling Meadows Palatine punch death appealing an insurance claim Illinois workplace lawyer Inverness personal injury attorney insurance negligence overtime violations medical malpractice compensation Schaumburg personal injury lawyer work unions denied insurance claims advance healthcare directive Illinois personal injury attorney probate claims estate planning Chicago will attorney, social media platforms, Illinois estate planning lawyer, controlled substance civil litigation attorney Illinois will lawyer Illinois medical malpractice lawyers School Visitation Rights Act Des Plaines real estate attorney Illinois DUI attorney GM ignition switches overtime pay Buffalo Grove probate lawyer head on collisions Arlington Heights traffic attorney Illinois workers compensation attorney special needs trust living wills Liquor Control Act DMV Barrington litigation attorney employment contract Rolling Meadows traffic attorney pet bites insurance denials product liability drug crimes lawyer Crystal Lake business law attorneys employee discrimination sole proprietorship boating accidents insurance claim dispute liens hit and run accident Illinois jet ski accident lawyer medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Long Grove estate planning financial advisors uninsured motorist Illinois lawyer disability benefits CAM Barrington personal injury attorney Illinois attorney Rolling Meadows insurance attorney back injuries Des Plaines tax law firm Illinois traffic accident lawyer manufacturing Do Not Resuscitate Illinois wills and trusts loss of consortium ObamaCare Fourth of July Illinois pedestrian accident attorney Chicago biking tips real estate contract Barrington estate planning attorney attorney fees automated cars Super Mario Illinois business law atorneys meal breaks Long Grove estate planning attorneys FSLA Rolling Meadows Traffic Lawyer Schaumburg estate planning lawyer Food and Drug Administration's Food Safety Modernization Act Rolling Meadows criminal attorney breathalyzer test Chicago estate planning Rolling Meadows business lawyer Arlington Heights car accident lawyer medical marijuana forming a corporation in Illinois compensatory time Inverness insurance attorney spinal cord injuries DUI Inverness real estate lawyer Illinois real estate Barrington Traffic Lawyer Inverness corporate attorney Crystal Lake medical malpractice attorneys