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


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