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


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