Illinois Real Estate Lawyers Association: Representing the Interests of Illinois Real Estate Attorneys

Illinois Real Estate Lawyers Association

	Resources

	SAMPLE of Multi-Board Residential Real Estate Contract 4.0 and more
	Real Estate Related Links and More

The Only Bar Association Representing the Interests Solely of Real Estate Attorneys in Illinois.

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IRELA Members:

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FAQ

Real Estate Related Links

Multi-Board Residential Real Estate Contract 4.0

The web site of the Illinois Real Estate Lawyers Association (IRELA) is the repository of the official contract form, and the complete original contract form is available to attorney members of IRELA through the "Members Only" section of the IRELA web site for downloading and completion.

IRELA Members: To access and download the Official Multi-Board Residential Real Estate Contract 4.0 (© 2006, Illinois Real Estate Lawyers Association), go to the "Members Only" Section of this web site and click on "Multi-Board Contract" in the left margin menu.

Non-IRELA members who wish to access and download a SAMPLE version of the contract, click on "SAMPLE of Multi-Board Residential Real Estate Contract 4.0" from the menu in the left-hand margin. (This is a large file.) If you are not a member of IRELA and wish to obtain a copy of the contract and/or related forms, you may wish to contact an attorney member of IRELA. Information regarding attorney members of IRELA in your area can be accessed by clicking on the yellow "Lawyer Locator" link found in the left margin on the home page of this site.

To access and download Joe Fortunato's Comparison of the Multi-Board Residential Real Estate Contract 4.0 with the prior 3.0 Version, click on Multi-Board Contract Comparison.

To access and download Ralph Schumann's Highlights of the Changes in the Multi-Board Residential Real Estate Contract 4.0 Comparison Chart, click on Comparison Chart.

To access and download the revised Amendment, Notice and Response Forms 4.0, click on Amendment, Notice and Response Forms 4.0.

To access and download the Notice of Inability to Satisfy Contingency And/Or Mutual Cancellation Agreement 4.0, click on Notice of Inability - Mutual Cancellation Agreement 4.0.

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view these files.

If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here:

NEW CITY OF CHICAGO TRANSFER DECLARATION FORM Available Here

Transfer Declaration Form
The new, higher, real estate transfer tax goes into effect for Chicago on April 1, 2008. The tax increases from $7.50 per thousand to $10.50 per thousand. Pursuant to 3-33-030 (F) of the Chicago Municipal Code, the "CTA" portion (the additional $3.00 per thousand) is to be paid by the seller/transferor unless "the transferor is exempt from the tax solely by operation of state or federal law," in which case the total tax must be paid by the "purchaser, grantee, assignee or other transferee". To access and download the new form, click on:

Chicago Real Property Transfer Tax Declaration Form - 7551

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here:

NEW RADON INFORMATION DISCLOSURE FORM Available Here

Disclosure Form
A new radon disclosure requirement takes effect January 1, 2008 pursuant to the Illinois Radon Awareness Act. To access and download the Disclosure of Information on Radon Hazards Form provided as a service by IRELA, click on:

Radon Information Disclosure Form

NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.

Pamphlet
To access and download the Radon Testing Guidelines for Real Estate Transactions pamphlet produced by the State of Illinois and the Illinois Emergency management Agency, click on: Radon Testing Guidelines Pamphlet.

ISBA REAL ESTATE LAW UPDATE "Case Law Update" Available Here

IRELA Board Member Steven B. Bashaw, along with IRELA Past President Joseph R. Fortunato, Jr., presented a comprehensive Real Estate Case Law Update at the 2005 ISBA Law Ed Series. Mr. Bashaw has agreed to allow us to post his extensive copyrighted Case Law Update on this web site. The document is available in the "Members Only" Section. Click on "Steve's Corner" in the left-hand margin of the "Members Only" Section.

Get the Loan Status Disclosure Form!

Joseph R. Fortunato, Jr., Past President of IRELA, has developed, in conjunction with other associations, a Loan Status Disclosure Form designed to help standardize information provided by lenders regarding the status of mortgage loan processing. (Do you know the difference between a "pre-approval" and a "pre-qualification"?) IRELA urges you to download and use the form in your practice to help bring some order out of the chaos. [NOTE: The current version of the Loan Status Disclosure Form is provided as the last page of the Multi-Board Residential Real Estate Contract 4.0 (© 2006, IRELA). The Loan Status Disclosure Form is technically not part of the Multi-Board 4.0 Contract, but it is included with the contract in order to encourage its use. Completion of the disclosure form, while helpful, is optional, and does not affect the validity of the contract itself.]

Click here for the Updated Loan Status Disclosure Form in Adobe PDF format.

Additional Informational Resources . . .

To obtain copies of brochures in English, Spanish and Polish on buying and selling homes, title insurance basics, and how to protect your family from lead in your home, click on the following link:

Informational Brochures. (Some brochures available in English only.)

Real Estate Related Links

Click the menu item in the left margin to access this section.

Mold and Mold Inspections

For persons interested in more information on the topic of mold and mold inspections, additional data can be obtained at: http://www.safestart.info/ (Web site for the inspections division of Safestart Environmental, Inc.)

IRELA Members can access additional updated information in Portable Document Format (.pdf) regarding mold by clicking on: additional mold information

Mold Information Booklet is in Adobe PDF format. You will need Adobe® Reader® to download this document. If you do not have Adobe® Reader®, click here:

Commercial Real Estate Article by R. Kymn Harp Available for Download

A comprehensive article on commercial real estate loan closing issues by R. Kymn Harp of Arnstein & Lehr is available for downloading from this web site. Mr. Harp, an IRELA member, has graciously agreed to allow us to provide this article to our members. It is a timely and insightful discussion of important issues every attorney should be aware of in closing a commercial real estate loan. Mr. Harp's attorney profile can be accessed at the Arnstein & Lehr web site at: http://www.arnstein.com/attorneys/HarpRK.shtml

Click here for "10 Things Every Buyer Needs (To Close a Commercial Real Estate Loan)" in Word format.

MOODY MATERIALS -- REPRESENTING PARTIES INTERESTED IN PURCHASING PROPERTIES AT JUDICIAL FORECLOSURE SALES

Greg Moody of the firm of Codilis & Associates gave an excellent presentation at the May 9, 2001 monthly IRELA meeting, which was held in Crystal Lake. For those members who may have missed his analysis of the myriad issues facing third party buyers in foreclosure sales, and for those of you who attended but did not get a copy of his handout -- click on the following link to download a copy of his materials from that presentation.

MoodyThirdPartyBiddersArticle

"SURVEY" vs. "MORTGAGE INSPECTION"

For a timely and informative update on this topic and the ramifications of the recent legislation, see the article written by Dick Bales of Chicago Title Insurance Company. Click on the following link to download a copy:

Bales Survey Article

BASHAW CASE LAW MATERIALS

Steven B. Bashaw is an Oak Brook solo practitioner who chairs the ISBA Real Estate Section Council and is also a member of the Board of Directors of the Illinois Real Estate Lawyers Association (IRELA). Those IRELA members who missed his excellent March 14, 2001 presentation at the Holiday Inn, Rolling Meadows, on "RECENT CASES OF NOTE FOR REAL ESTATE LAWYERS ON CONTRACT FORMATION, EARNEST MONEY, WAIVER, LIQUIDATED DAMAGES AND THE RESIDENTIAL REAL ESTATE DISCLOSURE ACT - SOME MORE THREADS IN THE ROPE OF THE LAW OF RESIDENTIAL REAL ESTATE TRANSACTIONS", missed a very timely and interesting cutting edge analysis of developing case law in important areas impacting real estate practitioners. If you missed the meeting -- or attended but did not get a copy of his handout -- click on the following link to download a copy of his materials from that presentation.

BashawCaseLawMaterials

REAL ESTATE KEYPOINTS

Many IRELA members are already taking advantage of the opportunity to receive the Real Estate Keypoints authored each month by Steven B. Bashaw who, as mentioned above, is an Oak Brook solo real estate practitioner who chairs the ISBA Real Estate Section Council and is also a member of the Board of Directors of the Illinois Real Estate Lawyers Association (IRELA). Steve`s Real Estate Case Law Keypoints (or Flashpoints as published by IICLE), are provided by e-mail. You can subscribe and receive these timely and pithy summaries of recent decisions and commentaries on a monthly basis. They are the best thing going - and they are free!

If you have not already signed up to receive these Keypoints, you should do so. To access Keypoints at Steve`s website, click here... to access the "Publications" section of the web site.

Illinois PTAX-203 Real Estate Transfer Declaration Form

DOWNLOAD a Modified PTAX-203 Form to Designate Exemptions

P.A. 94-0489 (effective August 8, 2005) amends the Property Tax Code (35 ILCS 200/31-25) to require that the property tax transfer declaration form include information regarding exemptions reflected on the most recent annual tax bill. Pending issuance of a revised official PTAX-203 form and updating of the on-line version, IRELA is making available a modified PTAX-203 form that can be used to indicate exemptions. (The exemptions can be listed at Step 1, Line 10p ("Other")). The modified form can be used to identify any applicable homestead exemption(s) corresponding amounts. To download the form, click on PTAX-203 form - Exemptions.

The online preparation system for the Illinois Transfer Declaration Form (PTAX-203 & 203-A, formerly known as the "green sheet") can be accessed at the Illinois Department of Revenue's web site at: http://www.revenue.state.il.us/retd.