Since 2015, the Multi-Board 6.1e has been the contract to use for real estate professionals in the Chicago area.  This year, the Illinois Real Estate Lawyers Association (IRELA) has been hard at work on the new and improved version, the 7.0.  The IRELA lawyers working on 7.0 have kept their cards close to their vest, but there are a few details that have been leaked…

Word on the street is that the new form will have some kind of appraisal contingency.  Honestly, this makes sense, because it’s become standard for buyer attorneys to request that the contract be contingent on the appraisal coming back for at least the amount of the purchase price.  Stay tuned to see what form this change takes.

Other rumored change involves the professional inspection contract provision.  Details are sparse, but the intention is to prevent inspection from dragging on as it tends to do.  There are also plans to remove paragraph 8(a) (the notice of intent to proceed provision).  Again, stay tuned for more details.

IRELA plans to release more details to real estate lawyers in December.  The form should be ready for Realtors by January 1, 2019.  New year, new contract!

LoftusLaw is dedicated to helping Realtors close more business, more smoothly.  Please reach out and let me know what you think of these changes.  I am an IRELA member, and I can put a bug in the committee’s ear.  Call me at 773-632-8330 or email patrick@loftus-law.com.  As always, I am honored by your referrals.  Please let me know how I can help you and your clients.