Today I attended a day long forum on residential real estate legal issues. Half of the forum focused on the new version (4.0) of the Multi-Board Residential Real Estate Contract. “Multi-Board” means that the new version has been approved by several real estate boards including the Chicago Association of REALTORS®, REALTOR® Association of Northwest Chicagoland, REALTOR® Association of West/South Suburban Chicagoland, etc. It has also been approved by the Illinois Real Estate Lawyers Association, DuPage County Bar Association, Lake County Bar Association, and other bar associations.
The new version is now 11 pages instead of 8. Part of that is due to a reformatting of the contract to make it easier to read. The rest is due to changes to better protect both buyers and sellers. Training on the new version is just getting started, so a good question to ask a prospective real estate agent or real estate attorney is, “Are you knowledgeable on the changes to the new version of the Multi-Board Residential Real Estate Contract?”