Residential Real Estate
The NEW Multi-Board
Residential Real Estate Contract 6.1, © 2015, Illinois Real
Estate Lawyers Association ("IRELA") is now available in the
"Members Only" Section of this web site for downloading and use. It
has been updated to address changes required by TRID (TILA/RESPA
Integrated Disclosure) rule. It is a "fill-in-the-blanks" PDF
document. You can tab from field to field and enter your data, and
then print out the final document. It is a fourteen page document,
including a cover page which details important information
regarding digital signatures, the copyright, and the limited
license granted to approved entities to use the form.To accesss and
download a "Sample" watermarked version of the 6.1 contract, click
Multi-Board Residential Real Estate Contract
This PDF bears a "SAMPLE" watermark. While it has the
official text of the 6.1 contract, it is not a fillable PDF.
Summarizes the key changes in the Multi-Board Residential Real
Estate Contract 6.1 prepared by IRELA President Ralph J. Schumann.
Corresponding provisions in the prior 6.0 Version of the Contract
are compared side by side to new provisions. This document is in
IRELA President Quoted in ISBA Bar Journal Article:
IRELA President Ralph Schumann was quoted in a recent ISBA Bar
Journal article by Tim Slating entitled "Are You Ready for
the New Residential Real Estate 'Consummation' Rules?" The
article provides a timely update on TRID Implementation and Best
To access and download the article, click on:
"Are You Ready for the New Residential Real Estate
Richard Cordray wrote during this past summer to two U.S.
Senators to assure them that the CFPB's oversight of the
implmentation of TRID (TILA-RESPA Integrated Disclosure) will be
"senstive" to the progress made by those entities that have
squarely focused on good-faith efforts to come into compliance with
the Rule on time. As of the time of that writing, the new Rule was
set to go into effect for closed-end mortgage transactions in
connection with loan applications submitted after August 1, 2015.
To download and read the letter, click on:
June 3, 2015 Letter from Richard Cordray of CFPB
to Senators Donnelly and Scott:
The Cordray letter included a blog post regarding the only
"three things" that could cause a new three-day disclosure to be
issued. To access and read the blog post, click on:
CFPB Blog Post June 3, 2015
IRELA Comment on Best Practices and TRID:
The TRID October 3, 2015 start date is now behind us. It
behooves every real estate practitioner to become "Best Practices"
compliant and TRID compliant now, and to get all figures and
necessary data to the title insurance company involved in a real
estate transaction with a closed-end mortgage at least ten
(10) business days in advance of the consummation date to
facilitate the lender's delivery of the Closing Disclosure three
business days prior to consummation. It may be necessary to do two
walkthroughs with transactions now -- the first one ten or eleven
days in advance of the consummation, and a second walkthrough
closer to consummation.
"Hold Harmless" Period?
We previously posted an update regarding the fact that, in
the wake of CFPB Director Richard Cordray's June 3, 2015 letter to
Senators Donnelly and Scott, multiple media outlets over-reacted a
bit, announcing that the CFPB had agreed to a delay in enforcement
of the TRID Rule then set to go into effect August 1st, and/or
claiming that the CFPB, in response to numerous requests from
Congress and from industry stakeholders, had agreed to a hold
harmless period, and that some had stated there would be a delay in
NOTE: Although the start date was extended to Saturday,
October 3rd, there has so far been no official CFPB
statement regarding any period of "relaxed enforcement" or "hold
harmless" period following the implementation date. Legislation is
Watch this space for more information. Contact IRELA
with any questions.
IRELA President Ralph Schumann was interviewed recently by Cook
County Recorder of Deeds Karen Yarbrough on her "Housing Matters"
program. The program is available at Vimeo. To view the
program, click on the image below.
IRELA President Ralph Schumann spoke recently at a CLE Seminar
on the Multi-Board Residential Real Estate Contract: An
Analysis of Key Changes, for Attorneys' Title
Guaranty Fund, Inc., with Robert Borla. The presentation is
available as an OnDemand program at www.atgf.com.
ATG Members can click on http://www.atgf.com/legal-ed/programs/multi-board-residential-real-estate-contract-60-analysis-key-changes
Special Access for IRELA
Login on the ATG website, www.atgf.com, is required to register to view
this OnDemand program. If you haven't taken an ATG seminar before
or viewed an ATG OnDemand program before, follow these instructions. Don't remember your
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IRELA President Ralph Schumann spoke recently at a Greater
Illinois Title Company CLE Seminar on the New Multi-Board
Residential Real Estate Contract at Maggiano's Little Italy in Oak
IRELA President Ralph Schumann was interviewed recently for a
story that aired on National Public Radio's on Property Flipping: "Flipping Houses in
a Post-Bubble World".
Schumann was quoted in an accompanying article, which can be
accessed here as a PDF document: "Flipping Houses in a Post-Bubble World."
IRELA President Ralph Schumann recently participated in the
recording of a television program for ISBA's "Illinois Law" series
on Landlord-Tenant issues. Pictured above (L to R) are
former IRELA Board Member Samuel Levine, Joel Chupack (IRELA Board
Member and Past Chair of the ISBA Real Estate Law Section Council),
Ralph Schumann, and program moderator Marty Dolan.
Regular IRELA meetings take place at 8:00 a.m. monthly on the
second Wednesday at Belvedere Events and
Banquets facility in Elk Grove Village, IL (847.534.0600) or at
other announced locations.