New Realtor Form Contract Comes into Use

Web Admin - Thursday, August 14, 2014

IRELA new real estate formThe Illinois Real Estate Lawyers Association (“IRELA”), along with a variety of other real estate organizations, maintains a form contract for realtors and their clients to use when selling a home. The IRELA recently released their new version of this, known as the Multi-Board Residential Real Estate Contract version 6.0, and this new contract is now in use. The new version makes a variety of changes to the old 5.0 version, many of which are technical or procedurally based. However, the contract does have some new language of which buyers and sellers should be aware.

The contract now allows for more options when dealing with escrow during the closing. It also changes how professional inspections work, requiring sellers to request portions of inspection reports. The new contract also alters how the timeline for mortgage financing affects the seller’s ability to back out of the deal. Finally, the contract changes the seller's responsibilities as far as disclosing potential issues with the home. Importantly, these are just some of the changes made during the board's updating of the contract. It is important that you consult with a real estate attorney during any real estate transaction to make sure you understand the scope of the new contract.

Version 6.0 Changes

The new 6.0 version of the Multi-Board contract contains a variety of changes from the earlier 5.0 document. First, the 6.0 document contains a new paragraph regarding who holds on to the buyer's earnest money until the closing goes through. In the prior contract, options were only available for the buyer's broker or the seller's broker to manage that. Now, the contract allows for third parties, like title companies, to hold the money in escrow.

The new contract also modifies how buyers can void the contract after a failed inspection. The contract allows buyers to hire professional inspectors to check the house for problems like radon or insect infestations. If the inspectors discover such an issue, then the buyer has the option of voiding the sale contract. However, the new 6.0 version allows the seller to request the portion of the report that the buyer is using as grounds for cancellation.

The updated document also alters the timeline for the buyer to obtain mortgage financing. The old contract used to require a “firm written commitment” from the bank that financing would be forthcoming. However, banks seldom issue such statements quickly, so the new version merely requires the buyer to prove that they have submitted the loan for underwriting by a certain date, and that the bank has given them clearance to close by another date.

The contract also requires the seller to make a variety of representations to the buyer, such as stating that the home is not currently subject to a boundary line dispute. The new 6.0 version of the contract adds extra notification duties to the seller, forcing them to make all the same representations again at closing, which means that any changed circumstances would require an update.

Contact Our Real Estate Lawyers Today

If you are currently looking to buy a new house or another piece of property, contact an experienced Illinois real estate attorney today. At Drost, Gilbert, Andrew & Apicella, LLC, our team of skilled professionals counsels clients in towns all over the northwest suburbs, including in Arlington Heights, Long Grove, and South Barrington.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

Recent Posts


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