The Takeaway
In February 2025, the Illinois Real Estate Lawyers Association introduced the new Multi-Board Residential Real Estate Contract 8.0, which replaces version 7.0.
Considering the everchanging and competitive residential real estate market in Illinois, sellers, buyers, real estate brokers, and attorneys should understand these updates to ensure smooth and efficient transactions for their clients.
Key Changes in Multi-Board 8.0
Version 8.0 rearranges several sections from version 7.0. The goal was to improve transparency and streamline transactions for sellers and buyers:
|
Section |
Change(s) |
|
Purchase Price and Payment |
Moved up to Section 3 |
|
Personal Property |
Moved down to Section 7 Includes expanded options (e.g., video doorbell, smart thermostats, home theater) for what Seller intends to convey to Buyer as part of the transaction |
|
Home Warranty |
Election moved to Section 3 |
|
Homeowner Insurance and Flood Insurance |
Moved up to Sections 9 and 10, respectively |
|
Inspections |
Inspection-related sections now included sequentially (Sections 15 and 16) Buyer now has three inspection options to choose from (as opposed to two in Version 7.0) Buyer can now elect to inspect the property without making any inspection requests |
|
As-Is Condition |
Section 14 specifically defines what “as-is” sale means |
In addition to reformatting, version 8.0 includes some additions and revisions.
|
Section |
Change(s) |
|
Real Estate |
Section 2 includes boxes to select type of property being sold:
|
|
Seller Contribution |
Section 4 allows parties to select Seller’s obligation to contribute to compensating Buyer’s broker as part of contract rather than separate addendum |
|
Seller Representations |
Section 24 revised to clarify representations Seller is making to Buyer Removed need for parties to initial certain representations for those representations to be applicable |
|
Financing |
Section 8 –
|
|
Alternative Energy |
Version 8.0 includes optional Section 34 regarding alternative energy systems to account for a home’s solar panel or similar system that’s being conveyed as part of the transaction |
|
Addendums |
Version 8.0 includes these new or updated addendums:
|
PartnerFor more than 20 years, Jamie M. Rein has provided legal services throughout the Illinois counties of McHenry, Lake, DuPage, and Cook. She often collaborates with in-house counsel, national counsel, insurers and insured, and other ...
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