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

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

Archive