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


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