Residential Real Estate
The NEW Multi-Board
Residential Real Estate Contract 6.0 is now available in the
"Members Only" Section of this web site for downloading and use. It
is designed to be a "fill-in-the-blanks" document. You can tab from
field to field and enter your data, and then print out the final
document. It is a thirteen page document with letter-size pages
with a larger, more legible typeface. The cover page of the
contract details important information regarding digital
signatures, the copyright, and the limited license granted to
approved entities to use the form.
SAMPLE Multi-Board Residential
Real Estate Contract 6.0
This PDF bears a "SAMPLE" watermark. While it has the
official text of the contract, it is not a fillable PDF.
Key Highlights Comparison
Summarizes the key changes in the Multi-Board Residential Real
Estate Contract 6.0 prepared by IRELA President Ralph J. Schumann.
Corresponding provisions in the prior 5.0 Version of the Contract
are compared side by side to new provisions. This document is in
Summary and Comparison of the New
Multi-Board Residential Real Estate Contract 6.0
by IRELA Director Joseph R. Fortunato, Jr., highlighting changes
from the previous (5.0) version of the Multi-Board "Common
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 recently 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 where loan applications
are taken after August 1, 2015. To download and read the letter,
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 implementation date will be upon us quickly. It
behooves every real estate practitioner to become "Best Practices"
compliant and TRID compliant prior to that date, 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
Believe this: TRID start date delayed to October
We recently 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 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
As we stated recently, that's not what Cordray's June 3,
2015 letter said. ALTA CEO Michele Korsmo recently requested that
we clarify that the implementation date is still August 1st.
We did. We posted an update stating "The start date is
August 1st. Period."
Now we have to update that update. On June
17, 2015, The CFPB announced that it would be proposing an amendment to the Know Before You Owe Mortgage
Disclosure rule to have the start date extended to October 1st to
avoid the effects of an administrative error and to better
accommodate the interests of the many consumers and providers whose
families will be busy with the transition to the new school year at
that time. It is very likely the CFPB proposed amendment will be
approved. The proposed start date was later modfied to be Saturday,
NOTE: There has been no official statement that there will be a
period of "relaxed enforcement" or "hold harmless" period following
the implementation date, whether that date turns out to be sometime
in August or the most recently proposed date of October 3rd.
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
6.0: 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
login? Request a new password to get
IRELA President Ralph Schumann spoke recently at a Greater
Illinois Title Company CLE Seminar on the New Multi-Board
Residential Real Estate Contract 6.0 at Maggiano's Little Italy in
Oak Brook, Illinois.
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 (Past Chair
of the ISBA Real Estate Law Section Council), Ralph Schumann, and
program moderator Marty Dolan.
Schumann was recently quoted in a Chicago Tribune article by
Leslie Mann entitled "Don't Overlook These Homebuying
IRELA President Ralph Schumann attended a recent CBA Award
Luncheon at the Standard Club in Chicago. Pictured with him
above (left to right) are Bill Anaya,
Partner, Arnstein & Lehr LLP, Shay Jacobson, LifeCare
Innovations, Joel Daly, attorney and former ABC WLS-TV News Anchor,
Martha Kern, LifeCare Innovations, and Mike Rooney, Executive
Director, IICLE. Congratulations to Mike Rooney on his new
Schumann also was recently quoted in an article discussing legal
issues presented with "More Adults Moving Back to Old Neighborhood,
Buying Parent's Home".
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.