DGAA bLAWg

New Realtor Form Contract Comes into Use

Web Admin - Thursday, August 14, 2014

IRELA new real estate formThe Illinois Real Estate Lawyers Association (“IRELA”), along with a variety of other real estate organizations, maintains a form contract for realtors and their clients to use when selling a home. The IRELA recently released their new version of this, known as the Multi-Board Residential Real Estate Contract version 6.0, and this new contract is now in use. The new version makes a variety of changes to the old 5.0 version, many of which are technical or procedurally based. However, the contract does have some new language of which buyers and sellers should be aware.

The contract now allows for more options when dealing with escrow during the closing. It also changes how professional inspections work, requiring sellers to request portions of inspection reports. The new contract also alters how the timeline for mortgage financing affects the seller’s ability to back out of the deal. Finally, the contract changes the seller's responsibilities as far as disclosing potential issues with the home. Importantly, these are just some of the changes made during the board's updating of the contract. It is important that you consult with a real estate attorney during any real estate transaction to make sure you understand the scope of the new contract.

Version 6.0 Changes

The new 6.0 version of the Multi-Board contract contains a variety of changes from the earlier 5.0 document. First, the 6.0 document contains a new paragraph regarding who holds on to the buyer's earnest money until the closing goes through. In the prior contract, options were only available for the buyer's broker or the seller's broker to manage that. Now, the contract allows for third parties, like title companies, to hold the money in escrow.

The new contract also modifies how buyers can void the contract after a failed inspection. The contract allows buyers to hire professional inspectors to check the house for problems like radon or insect infestations. If the inspectors discover such an issue, then the buyer has the option of voiding the sale contract. However, the new 6.0 version allows the seller to request the portion of the report that the buyer is using as grounds for cancellation.

The updated document also alters the timeline for the buyer to obtain mortgage financing. The old contract used to require a “firm written commitment” from the bank that financing would be forthcoming. However, banks seldom issue such statements quickly, so the new version merely requires the buyer to prove that they have submitted the loan for underwriting by a certain date, and that the bank has given them clearance to close by another date.

The contract also requires the seller to make a variety of representations to the buyer, such as stating that the home is not currently subject to a boundary line dispute. The new 6.0 version of the contract adds extra notification duties to the seller, forcing them to make all the same representations again at closing, which means that any changed circumstances would require an update.

Contact Our Real Estate Lawyers Today

If you are currently looking to buy a new house or another piece of property, contact an experienced Illinois real estate attorney today. At Drost, Gilbert, Andrew & Apicella, LLC, our team of skilled professionals counsels clients in towns all over the northwest suburbs, including in Arlington Heights, Long Grove, and South Barrington.

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


Tags

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

Archive