Starting February 1, 2025, NSBAR members will have access to the updated Multi-Board Residential Real Estate Contract 8.0 alongside specific purchase and sale agreements.
The Multi-Board Contract is designed to address diverse property types and markets across Illinois.
Key Updates in Version 8.0
- Formatting Enhancements: Improved paragraph layout and structure for clarity.
- Brokerage Compensation: Inclusion of a provision for seller payment of buyer brokerage compensation.
- Personal Property: Expanded options for personal property inclusion.
- Financing Contingency:
- New option for secondary financing or grants.
- Clarified notice requirements within this section.
- Inspection and As-Is Options: Reorganized and expanded for greater flexibility.
- Seller Representations: Updates to clarify seller obligations and disclosures.
- Cancellation of Prior Contracts: Expanded options in a rewritten paragraph addressing cancellation.
- Alternative Energy: New section addressing properties with solar panels or other renewable energy systems.
Updated Addendum Toolkit
The following forms are included in the updated toolkit:
- Amendment Notice and Response Form
- Appraisal Addendum
- Intent to Escalate
- Multi-Unit Addendum
- Mutual Cancellation Agreement/Release of Earnest Money
- Repair Agreement
- Reverse Contingency Addendum
- Short Sale Addendum
Training
FREE Multi Board 8.0 Contract training
For individual agents, only at the NSBAR Northbrook campus
Time: 9:00am - 10:30am
Dates:
- February 24
- March 10, 24
- April 7, 21
- May 5, 19
Click HERE to register and learn more.
Interested in 8.0 contract training by Deborah at your office? Click here
