New Multi-Board Residential Real Estate Contract

A few years ago the Illinois Real Estate Lawyers Association (IRELA) drafted a form contract called the Multi-Board Residential Real Estate Contract 3.0 -- the form is available as a pdf document here. 

Contract 3.0 was very good, and pretty widely accepted in the Chicago area -- it was approved by the Chicago Association of Realtors as well as attorney and realtor groups in DuPage, Lake, Kane, and McHenry counties (among others).

IRELA has now prepared a new version of the Contract (4.0), which is available to its members on IRELA's website -- hopefully a version of Contract 4.0 will become available to the general public in the near future. 

The website also includes commentaries related to Contract 4.0 -- because IRELA's site is so horrible to navigate, I've linked to these commentaries (all of which are pdf documents) below:

Comparison of Contract 4.0 to Contract 3.0 by Joseph R. Fortunato, Jr. (link)

Contract 4.0 Key Revisions And/Or Additions At a Glance chart by Ralph Schumann (link)

Amendment, Notice and Response Forms 4.0 (link)

Inability to Satisfy Contingency And/Or Mutual Cancellation Agreement 4.0 (link)

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