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

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

Archive