Jim Lowry

Jim Lowry


Jim Lowry is a Real Estate attorney practicing in the Chicagoland area.

Expertise: Real Estate, Commercial Litigation, Contracts

Location: Chicago, IL

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Posts by Jim Lowry

The Ins and Outs of Standardized Real Estate Agreements

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.