Did you know that the new 7.0 Multi-Board Residential
Real Estate Contract is now in effect?
The new Multi-Board Residential Real Estate Contract has undergone several changes and has been reorganized to make it easier to read and flow better. Of the changes to the contract, one of the most important involves narrowing the scope of the inspection contingency.
Under the new contract, buyers may not ask for minor repairs, routine maintenance and painting, or other items of cosmetic nature. A buyer who makes these minor requests now violates the terms of the contract and risks allowing the seller to terminate.
Another big change to the contract is the financing contingency. Realtors no longer are required to pick out the mortgage contingency deadline. The 7.0 contract sets the financing contingency deadline at “
forty-five (45) days after Date of Acceptance or five
(5) Business Days prior to the date of Closing,
whichever is earlier”.
These are just a few changes under the Multi-Board Residential Real Estate
Contract 7.0.
To learn more about the new contract
call 708-801-8000
