DISCLAIMER: This blog post should not be construed as legal advice.
The Multi-Board Residential Real Estate Contract 8.0 in Illinois is an adaptation of the 7.0 version and officially took effect on February 1, 2025. The 7.0 version will sunset on March 1, 2025, meaning realtors must transition to the updated contract for all transactions moving forward.
This latest version introduces revisions, additions, and clarifications aimed at improving contract usability, streamlining processes, and enhancing transparency for buyers and sellers. Below is a detailed breakdown of the key updates, ensuring you stay ahead of the changes and can effectively guide your clients.
Key Changes in the Multi-Board Residential Real Estate Contract 8.0
Structural Reorganization & Paragraph Updates
To improve readability and efficiency, several sections have been reorganized:
Personal Property Paragraph moved to Page 2
Home Warranty Checkbox now placed under the Purchase Price section, as it impacts the bottom line
New Seller Agreement to Pay Buyer’s Brokerage Compensation Paragraph added to Page 1
Inspection-related paragraphs consolidated for better flow on Pages 5 and 6
These updates aim to make the contract more intuitive, reducing confusion and disputes.
Key Additions & Revisions
Updated & New Addendums
Updated & New Addendums
To enhance contract flexibility and address emerging transaction needs, the following addendums have been updated or added:
Intent to Escalate Addendum (New) – Allows buyers to increase their offer in competitive markets
Repair Agreement Addendum (New) – Creates a formal agreement for handling repair requests
Reverse Contingency Addendum (New) – Provides sellers with options to retain control while securing a new home
Mutual Cancellation Agreement (Updated) – Streamlined to improve termination procedures
Short Sale Addendum, Appraisal Addendum, and Multi-Unit Addendum (Updated)
These new and updated addendums provide greater clarity and protection for buyers, sellers, and agents navigating complex transactions.
"Loan" Replaced with "Financing"
Throughout the contract, the term "loan" has been replaced with "financing" to align with modern terminology and industry standards. Additionally, the Financing Contingency Paragraph has been revised to provide clearer notice options.
Changes to As-Is Sales & Inspections
For transactions involving as-is properties, several key changes have been made:
New As-Is Condition Paragraph defines what "as-is" means with greater clarity.
Buyers now have three inspection options:
1. Waiver (No inspection)
2. Right to Inspection with Requests
3. Right to Inspection without Requests
If the contract does not specify an inspection option, the inspection is automatically waived.
Wood Destroying Insect Inspection Deadline extended to 15 business days after contract acceptance.
Well/Sanitary Inspection Adjustments:
Clarified who can conduct inspections.
Increased cancellation threshold to $5,000 if required repairs exceed this amount.
These updates streamline the inspection process and provide clearer expectations for both buyers and sellers.
Expanded Personal Property List
To eliminate last-minute disputes over personal property, the updated contract expands the list of included items, now covering:
Freezers, sump pump battery backups, reverse osmosis systems
Above-ground pools and pool equipment
Sprinkler systems, interior security systems, smart thermostats
Video doorbells, surround sound systems, home theaters/projectors
Surveillance systems and electric vehicle charging stations
These additions provide greater transparency regarding what is included in a property sale.
New Alternative Energy Provisions
With the increasing prevalence of solar panels and other renewable energy systems, the 8.0 contract includes a new Alternative Energy Paragraph to address these concerns:
Sellers must provide all paperwork related to solar panels or other alternative energy systems within three business days after contract acceptance.
Buyers have three business days to review the documents and decide whether to proceed.
If the documents contradict the seller’s representations (for example, if a system was claimed to be owned but is actually leased), the buyer can cancel the contract at any time.
This update ensures that buyers have full knowledge of any financial or maintenance obligations related to alternative energy systems.
Page-by-Page Breakdown of Key Updates
Page 1
Personal Property Paragraph moved to Page 2.
Home Warranty Checkbox moved under Purchase Price.
New: Seller Agreement to Pay Buyer’s Brokerage Compensation added.
Page 2
Expanded Personal Property Section with additional items.
Alternative Energy Checkbox added.
Clarification of Financing Contingency Notice Options.
Pages 5 & 6
All Inspection Paragraphs consolidated.
New As-Is Condition Paragraph now leads the section.
Three distinct inspection options clearly defined.
Wood Destroying Insect Inspection Deadline extended to 15 Business Days.
Well/Sanitary Inspection Adjustments.
Page 9
Clarification on Direction to Escrow: Now applies only to licensed Illinois brokerages.
Page 12
Updated Cancellation of Prior Contract Paragraph, allowing for:
Kick-out of a prior buyer under a home sale/close contingency.
Backup offer scenarios.
Protection for buyers with prior contracts.
New Alternative Energy Paragraph added.
Page 13
Official Contract Addendums Listed Separately for easier reference.
Page 14
Signature Page updated, with some organizations added/removed from the approval list.
What This Means for Realtors
Clearer Contract Language – The reorganization and terminology updates make the contract easier to navigate.
More Buyer & Seller Protections – New provisions for financing, inspections, personal property, and alternative energy ensure greater transparency.
Legal Compliance & Risk Reduction – Adjustments align with industry standards and legal precedents, minimizing potential disputes.
As the 7.0 contract sunsets on March 1, 2025, all realtors must become familiar with these updates and begin using the 8.0 version for all transactions.
Stay Informed & Be Prepared
The Multi-Board Residential Real Estate Contract 8.0 is designed to create smoother transactions and clearer expectations for all parties. Realtors should take the time to review these changes, attend training sessions, and ensure their clients fully understand the new provisions.
For additional guidance, reach out to your local real estate association or brokerage to discuss these changes in detail.
If you have questions, please reach out to Curington Law, LLC today. We’re here to help you make informed decisions and achieve your real estate goals.
