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


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