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- Financing contingency: The old Mortgage Contingency paragraph has been replaced by a Financing paragraph with a choice of three options: mortgage contingency, cash transaction with no mortgage, or cash transaction with mortgage allowed.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


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