the multi-board residential real estate contract 7.0 seeks to correct what some considered shortcomings in the predecessor version (the 6.1). the revised financing contingency no longer requires the buyer to estimate when the lender will be ready with financing. in the revised attorney review provision of the multi-board residential real estate contract 7.0, a change in paragraph 10 states that either party can terminate the contract if both sides cannot come to an agreement on the proposed modifications to the contract after ten (10) business days. this revision makes it clear that both parties must wait the 10 business-day period before terminating the agreement. perhaps the most significant change in the new contract is the revised language which states that minor repairs, routine maintenance items and painting, decorating, or other items of a cosmetic nature are no longer allowable reasons for a buyer to terminate the contract.
so what should buyers do in response to the new contract? if the buyer does not do these three things, and the seller decides not want to cancel the contract, the buyer is moving forward without a financing contingency. this is never a good idea unless the buyer is able to pay cash for the property. for example, if the buyer demands that the carpets be cleaned, or that the water heater be replaced because it’s old, the seller has the right to respond by cancelling the contract. the purpose of the inspection will be solely for the major components that a buyer has no expertise in evaluating. in other words, if the professional home inspector tells the buyer that there’s a problem with the foundation, plumbing or electricity, those are legitimate items to raise and request repair from the seller.
multi-board residential real estate contract 7.0 the real estate: real estate is defined as the property, all improvements, the fixtures and personal the multiboard 7.0 contract makes the seller promise the building is free from zoning, code violations, boundary disputes, condemnation, watch more’s 7.0 contract tutorial for a step-by-step, line-by-line explanation of the contract. access now. 7.0 multi-board residential real estate contract, .
the multi-board residential real estate contract 7.0 is the most widely used if the property is a condominium the contract identifies parking spaces and the 7.0 was approved in 2019 as the new standard contract for purchasing residential real estate in illinois. the multi-board residential real the two sections of the new 13-page contract, known as version 7.0, that have changed the most cover financing and home inspections. version 6.1, .
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