Multi-Board Residential Real Estate Contract 6 0: A Look at What’s New
The Multi-Board Residential Real Estate Contract 6 0 is the latest version of the Residential Real Estate Contract, the elaboration of which took the Multi-Board Sales Contract Committee several long months. Because of the long-awaited amendments, the contract is now being used by a large number of real estate associations, substituting a variety of residential lease contracts that were used in the State of Illinois. So, let’s take a deeper look at what it’s all about.
Who needs a Multi-Board Residential Real Estate Contract 6 0 Form?
The Multi-Board Residential Real Estate Contract 6.0 is an agreement concluded between parties regarding the sale of real estate property in the State of Illinois. The parties are referred to as the Buyer and Seller. However, these are not the Parties who fill out the contract. Completion of a document recording a residential real estate transaction is supposed to be handled by real estate agents. In the case of residential property transactions, there can be two options: each Party may have their own Agent, or there may be involvement of a Dual Agent.
What is the Illinois Multi-Board Residential Contract 6.0 Form for?
The Residential Contract form documents all the legal details of the property transaction. What is important in the case of this particular type of agreement is a provision allowing the cancellation of the agreement if the Buyer does not get a mortgage to make payment for the property (referred to as the “Mortgage Contingency” in the contract). The previous 5.0 Version did not include such a condition.
Is the Multi-Board Residential Real Estate Contract Form accompanied by other forms?
The Illinois Real Estate Contract form itself is voluminous and detailed, covering a large number of terms, conditions, and other provisions. Therefore, it should be supported by any other documents when deemed necessary by either or both parties. However, uniform statutory disclosures include:
1. Illinois Real Estate Property Disclosure
2. Lead-based paint disclosure
3. Radon hazards disclosure
When is the Real Estate Contract Form due?
The date when the Buyer enters into possession of the real estate property (a closing date) must be stated in the text of the contract agreement. This means that the Multi-Board Residential Real Estate Contract is supposed to be completed before the Buyer gets their right of possession. Otherwise, its due date is not restricted in any way.
How do I fill out the Multi-Board Residential Contract Form?
The fillable Multi-Board Contract Form requires agreement upon numerous details and provisions, but the most important information to be covered is:
1. The Buyer’s and the Seller’s details
2. The real estate
4. Earnest money (which is also covered in a separate paragraph, unlike in Contract Version 5.0)
5. Fixtures and personal property included in the deed
6. Closing date
7. Mortgage contingency, etc.
Where do I send the completed Multi-Board Residential Real Estate Contract 6 0?
After two original copies are completed, the Multi Board Contract should be retained by both parties, and a copy should be kept by the Agents (or a Dual Agent) involved in the deed, as well.