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


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