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

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

Archive