The Multi-Board Residential Real Estate 7.0 Contract (the “Contract”) serves as a fundamental document in real estate transactions throughout Illinois; almost all residential real estate transactions in Illinois use this contract template. This article provides a concise overview of the Contract, highlighting its key features, purpose, and impact on real estate transactions.

The Contract was developed by a coalition of real estate professionals and organizations and aims to streamline the home buying and selling process by providing a comprehensive, clear, and uniform contract template. The Contract covers all essential aspects of a residential real estate transaction, including purchase price, financing terms, contingencies, and closing procedures. By addressing these key elements, the Contract provides a detailed roadmap for completing the transaction. The Contract also includes provisions for contingencies, such as home inspections, appraisals, and financing. Depending on the specific contingency, buyers and sellers can be protected.