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

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

Archive