multi board residential contract 7.0
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.