Jim Lowry

A good contract is an essential part of any residential real estate transaction. While in some states agents can draft their own sale agreements, a 1966 Supreme Court case determined that these must be written by an attorney in the state of Illinois. This decision led to a standardized form used in the Chicago area that is intended to streamline the process, protect buyers and ease the legal burden on attorneys. Multi-Board Residential Real Estate Contract 7.0 has evolved over time with input from attorneys and brokers. While it covers the key terms of a home sale, attorneys still play an important role in adapting the form to meet their clients’ needs.