![]() In a recent episode of Contract Teardown, Chicagoland lawyer Jim Lowry explained, “From a consumer standpoint, they really don’t notice the difference of a. The standardized form used in Illinois aims to simplify the process by making each residential sale as similar as possible. Many other states have more flexibility in determining exactly what type of contract to use and who can create it. This contract identifies the rights and obligations that both the buyer and the seller have during the process. However, Illinois has designated one specific way to create a legal contract that covers every step of the process: the Multi-Board Residential Real Estate Contract 7.0. While it covers the key terms of a home sale, attorneys still play an important role in adapting the form to meet their clients’ needs.īuying and selling a home can be a long and often complicated process. Multi-Board Residential Real Estate Contract 7.0 has evolved over time with input from attorneys and brokers. This decision led to a standardized form used in the Chicago area that is intended to streamline the process, protect buyers and ease the legal burden on attorneys. While in some states agents can draft their own sale agreements, a 1966 Supreme Court case determined that these must be written by an attorney in the state of Illinois. A good contract is an essential part of any residential real estate transaction.
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