Version 7.0 of the Multi-Board Residential Real Estate Contract replaces Version 6.1 of the contract. While the revision contains many small tweaks and changes that make the verbiage more precise and efficient, the contract also contains some sweeping changes.
The Multi-Board Contract 7.0 can be viewed and downloaded here.
Highlights
- The general format of the contract has changed to make it easier to work with. A number of the major sections have been shuffled around to make for a more efficient format. For example, the mortgage contingency and cash transaction provisions have been merged into a single paragraph and the closing cost paragraph has been moved from deep in the contract to the front of the contract.
- Provision has been made to add information on assigned and limited common element storage spaces similar to the information available with respect to parking.
- The items of personal property to be included with the real estate has been modernized.
- The closing location will be the title company office nearest the real estate instead of as agreed by the parties.
- A major revision has been made to the mortgage contingency. No longer does the mortgage contingency date need to be chosen and inserted by the parties, but instead, the date is calculated to be 45 days after acceptance but no later than 5 business days before closing. Finally, the requirement that proof of notice of intent to proceed with the loan has been removed.
- The attorney review provision has been clarified so that proposed attorney modifications are either counteroffers that can put a transaction at risk if not agreed upon or not counteroffers which would not put a transaction at risk if agreement is not reached.
- The inspection contingency narrows the scope of inspections so that a seller can decline to make repairs requested by a buyer as a result of a building component being near or at the end of its useful life. In addition, inspection reports need not accompany repair requests unless requested by the seller.
- The requirement to provide a FIRPTA disclosure has been added.
- The “seller representations” provision has been modified to require the affirmative statement and initials of a seller and buyer with respect to improvements which have not yet been assessed and improvements eligible for a home improvement tax exemption.
Now offering Multi-Board 7.0 Review Classes:
| Description | Location | Date | Time | |
| Multi-Board 7.0 Overview (Class 12819MB7) | 430 N Michigan Ave #800 Cl #2 Afternoon Session | 01/28/19 | 12:00pm – 2:00pm | |
| Multi-Board 7.0 Overview (Class MB712819) | 430 N Michigan Ave #800 Cl #2 Afternoon Session | 01/28/19 | 3:00pm – 5:00pm | |
| Multi-Board 7.0 Overview (Class 221197.0) | 430 N Michigan Ave #800 Cl #2 Morning Session | 02/21/19 | 9:00am – 11:00am | |
| Multi-Board 7.0 Overview (Class 7.022119) | 430 N Michigan Ave #800 Cl #2 Afternoon Session | 02/21/19 | 1:00pm – 3:00pm | |