New Changes in the Multi-Board Residential Real Estate Contract 7.0

Web Admin - Friday, March 29, 2019
Inverness real estate contract lawyerWhen Illinois residents buy and sell homes, their real estate agents and lawyers generally use a standard form for the sales agreement, the 13-page multi-board residential real estate contract. The latest version, 7.0, should be used for all transactions initiated after March 1, 2019. It contains several important changes that make the contract easier to use than the 6.1e version that has been in use since 2015. 

Significant Changes in Real Estate Contract 7.0 versus 6.1e

The changes to the contract are mainly intended to help reduce errors and misunderstandings amongst all parties involved in a real estate sale. The most important changes that buyers, sellers, and real estate agents should be aware of are:

- Inspection contingency: Subparagraph (a) of the inspection paragraph has been rewritten to prevent buyers from demanding minor repairs. It now specifically states that minor repairs “shall not be a basis for the buyer to cancel” the contract. In addition, the seller can now terminate the contract and return the buyer’s earnest money if the buyer asks for repairs or credits unrelated to the major components of the property. 

- Financing contingency: The old Mortgage Contingency paragraph has been replaced by a Financing paragraph with a choice of three options: mortgage contingency, cash transaction with no mortgage, or cash transaction with mortgage allowed. The deadline for the buyer to serve notice that they did not get the specified mortgage is now fixed at either 45 days after acceptance or five business days before closing, whichever is earlier.

- Property tax representations: Two new seller representations have been added to the contract to better inform buyers about a home’s future property taxes. First, sellers must indicate if there are any home improvements that have not yet been assessed for property tax purposes, such as an addition or a new garage. Second, sellers must indicate if there have been any property improvements eligible for a home improvement tax exemption. 

- Attorney review: The language of this paragraph has been clarified so that any proposed change to the sales contract that references subparagraph (d) will be deemed a “proposal;” any other change will be deemed a counteroffer. A buyer or seller can void the contract due to disagreement over a counteroffer but not over a proposal. 

- Seller credits at closing: The paragraph stating whether the seller will pay the buyer’s closing costs has been moved from page 10 to page 1, so it is located near the purchase price.

- Fixtures and personal property included: Four more items were added to the list: hardscape, wall-mounted brackets for TV/AV equipment, water softener, and wine/beverage refrigerator.

- Foreign seller disclosure: If the seller is a nonresident alien or foreign corporation, this fact must be disclosed for federal tax reasons. 

Consult a Palatine Real Estate Lawyer

To ensure that your home sale and/or purchase proceeds smoothly and that your legal and financial interests are protected throughout the process, contact an experienced Arlington Heights real estate attorney by calling 847-934-6000. The attorneys of Drost, Gilbert, Andrew & Apicella, LLC will represent your interests in any real estate transaction. 

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.


Beware: The Illinois Rent-to-Own Law Has Changed

Web Admin - Friday, May 18, 2018
Schaumburg real estate attorney rent-to-own contractsWhen purchasing real estate property, most homeowners obtain a mortgage, which provides them with certain legal protections, including in the case of foreclosure. However, following the financial crash of 2008, many potential homeowners have purchased homes through installment contracts (also known as rent-to-own agreements), allowing them to live in their home and pay down the purchase price over time.

These types of agreements provide low-income homeowners or those who are unable to qualify for a mortgage with the ability to purchase their own home. However, since the seller retains the title of the home until all payments have been made, some predatory sellers may use rent-to-own agreements to take advantage of buyers, especially if they fail to disclose issues related to property maintenance or building code compliance.

Changes to Illinois Law Regarding Installment Contracts

On January 1, 2018, a new state law went into effect that is intended to provide buyers with protections in an installment sales contract (often referred to as an Installment Contract for Sale of Real Estate, Articles of Agreement for Deed, or Installment Agreement for Deed). The Illinois Installment Sales Contract Act applies to sellers who sell three or more residential real estate properties in a single year, and it does not apply to agricultural property that is larger than four acres. The law contains the following new provisions:

- A seller must record a contract with the county recorder of deeds within 10 days of the sale of the property. If the contract is not recorded, the buyer can rescind the contract, and the seller must provide them with a refund of all payments made.

- A contract must contain a statement in large, bold type that informs the buyer of their right to obtain a home inspection and/or appraisal from a third party before signing the contract.

- If a building on the property has been condemned, the contract must contain a statement in large, bold type informing the seller of this fact.

- A contract must include a statement of what repairs the buyer is responsible for making to the property. The seller is responsible for making any repairs not included in this statement.

- If a buyer defaults on any payments, they have 90 days to make payments and cure the default before the seller can bring any action against them. If a buyer cannot cure the default, the seller must refund them any money they spent to perform repairs on the property.

- If a buyer defaults after paying at least 20% of the property’s purchase price, the seller must follow foreclosure procedures in order to evict the buyer from the property.

Contact an Inverness Real Estate Attorney

If you are planning to use an installment contract to buy or sell a home, an experienced attorney can review your contract to ensure that your rights are protected and that the correct legal procedures are followed. To schedule a personalized consultation, contact a Mount Prospect real estate lawyer at 847-934-6000.

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


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