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

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

Archive