IRELA Members: To access and download the Official Multi-Board Residential Real Estate Contract 4.0 (© 2006, Illinois Real Estate Lawyers Association), go to the "Members Only" Section of this web site and click on "Multi-Board Contract" in the left margin menu.

Non-IRELA members who wish to access and download a SAMPLE version of the contract, click on "SAMPLE of Multi-Board Residential Real Estate Contract 4.0" from the menu in the left-hand margin. (This is a large file.) If you are not a member of IRELA and wish to obtain a copy of the contract and/or related forms, you may wish to contact an attorney member of IRELA.  Information regarding attorney members of IRELA in your area can be accessed by clicking on the yellow "Lawyer Locator" link found in the left margin on the home page of this site.

To access and download Joe Fortunato's Comparison of the Multi-Board Residential Real Estate Contract 4.0 with the prior 3.0 Version, click on Multi-Board Contract Comparison.

To access and download Ralph Schumann's Highlights of the Changes in the Multi-Board Residential Real Estate Contract 4.0 Comparison Chart, click on Comparison Chart.

To access and download the revised Amendment, Notice and Response Forms 4.0, click on Amendment, Notice and Response Forms 4.0.

To access and download the Notice of Inability to Satisfy Contingency And/Or Mutual Cancellation Agreement 4.0, click on Notice of Inability - Mutual Cancellation Agreement 4.0.

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view these files.

If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here:

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Important Practice Reminder . . .

Use the IDFPR DS-1 Disclosure Form

The Illinois Department of Financial and Professional Responsibility DS-1 Disclosure Form ("Disclosure Statement: Controlled Business Arrangement") should be used in every instance when title insurance is being provided by an attorney having a financial interest in a title-issuing entity.  The Disclosure form should be provided and used to obtain consent from the parties to the transaction.  Timing is important -- the form should be provided prior to issuance of the title commitment to ensure that recipients have adequate time to "shop around" for the best services and the best rate for said services from other providers. 

To access and download a blank DS-1 form, click on:

Disclosure Statement: Controlled Business Arrangement.

 

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Practice Pointers . . .

NEW CITY OF CHICAGO TRANSFER DECLARATION FORM Available Here

Transfer Declaration Form
The new, higher, real estate transfer tax for Chicago took effect on April 1, 2008.  The tax increases from $7.50 per thousand to $10.50 per thousand.  Pursuant to 3-33-030 (F) of the Chicago Municipal Code, the "CTA" portion (the additional $3.00 per thousand) is to be paid by the seller/transferor unless "the transferor is exempt from the tax solely by operation of state or federal law," in which case the total tax must be paid by the "purchaser, grantee, assignee or other transferee". To access and download the new form, click on:

Chicago Real Property Transfer Tax Declaration Form - 7551

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

 To access and read a letter written to Chicago Mayor Daley by IRELA President Ralph J. Schumann regarding the 40% increase, click on:

Letter to Mayor Daley

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here:

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RADON INFORMATION DISCLOSURE FORM Available Here

Disclosure Form
A new radon disclosure requirement took effect January 1, 2008 pursuant to the Illinois Radon Awareness Act. To access and download the Disclosure of Information on Radon Hazards Form provided as a service by IRELA, click on:

Radon Information Disclosure Form

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

Pamphlet
To access and download the Radon Testing Guidelines for Real Estate Transactions pamphlet produced by the State of Illinois and the Illinois Emergency management Agency, click on:

Radon Testing Guidelines Pamphlet

Statutory Development: The Mortgage Forgiveness Debt Relief Act of 2007 (P. L. 110-142) is in effect, and applies to certain debts or portions of debt forgiven through December 31, 2009.  It can be helpful for those who are doing a short sale to avoid having the portion of the mortgage debt forgiven by the lender treated as a taxable event, but there are limitations.  To access and download a Primer regarding the new act, click on:

Mortgage Forgiveness Debt Relief Act -  Legislative Update

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here: