A Primer on Illinois' New Standard Real Estate Contract: The Multi-Board 7.0 Contract

Changes in technology and the market have necessitated changes in the way the standard Real Estate Contract needed to be drafted to protect the parties to a transaction. Since 2003, the various Real Estate Associations in Northern Illinois have worked together to create a single contract that would assure that all of the parties to the contract are working toward closing. In 2016, a group of about 13 Real Estate Brokers and about 7 attorneys worked over 120 hours to create a new standard contract. This course, presented by experienced real estate practitioner Erica Crohn Minchella, will review both what the contract says and how it differs from the prior version that was in common usage. In particular, the program will focus on the Attorney Review and Inspection Review paragraphs.

Learning Objectives:

1. Grasp the changes to the revamped first page of the contract and how it will help the attorney address costs and obligations needed for closing
2. Examine the Attorney Review paragraph revisions, focusing on the difference between a counterclaim and a modification, and the risks and benefits of using the operative paragraphs
3. Identify the risks of asking for inspection issues outside of the issues specified in the contract, and how to negotiate around those issues
4. Explore other changes to the contract that every attorney needs to know