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Each managing broker should determine whether or not these forms comport with individual office policies and are approved for use by that office. There is no Organization imposed requirement that these forms be used. Each office is charged with the responsibility to determine which forms are to be used by sponsored licensees, and which forms may be used according to License Law and Regulations.
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New and Improved Residential Real Estate Contract 6 0
Each managing broker should determine whether or not these forms comport with individual office policies and are approved for use by that office. There is no Organization imposed requirement that these forms be used. Each office is charged with the responsibility to determine which forms are to be used by sponsored licensees, and which forms may be used according to License Law and Regulations. Forms are listed by category.
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. 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.
Thank you for viewing this Illinois Bar Journal article. A new version of the widely used multi-board real estate contract incorporates the most common changes lawyers made in its predecessor. There's a new version of the Multi-Board Residential Real Estate Contract, a staple of real estate transactions throughout northern Illinois. Version 6. The new version includes revisions to the condominium provisions and the mortgage contingency clause, among many other changes, Schumann said. In one of the most important changes, new paragraph 15 addresses condominium association issues. Buyers no longer need to demand condominium or homeowners' association documents - the onus is on the seller to request the documents from the association within five business days of the date the contract was accepted, then provide them to the buyer.