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Multi-Board Contract & Attorney Representation
Illinois Residential Closings and Multi-Board Contract Attorney
Understanding the Multi-Board Residential Real Estate Contract and its critical deadlines is essential for every buyer and seller in Illinois. Emalfarb Law LLC provides experienced legal representation to protect your interests throughout the entire transaction.
Last updated: February 2026
The Multi-Board Residential Real Estate Contract
The Multi-Board Residential Real Estate Contract 8.0 is the standard form contract used in most residential real estate transactions throughout northeastern Illinois, including Cook, Lake, DuPage, Kane, McHenry, and Will counties. Developed jointly by multiple local Boards of Realtors, this contract governs the purchase and sale of residential property and contains numerous provisions that impose strict deadlines and obligations on both buyers and sellers.
While the Multi-Board contract is designed to create a balanced framework for residential transactions, many of its provisions are heavily negotiated during the attorney review period. The contract covers earnest money deposits, financing contingencies, property inspections, title and survey requirements, closing procedures, and the allocation of risk between the parties.
Understanding the key deadlines embedded in this contract is critical. Missing even one deadline can result in the loss of earnest money, waiver of important contingencies, or exposure to breach of contract claims. Below are the most important deadlines that every buyer and seller should know.
Here is a copy of the Multi-Board Real Estate ContractCritical Multi-Board Contract Deadlines
These deadlines are strictly enforced and cannot be extended without mutual written agreement.
Attorney Review Period
5 Business Days After Date of AcceptanceUnder the Multi-Board contract, both the buyer and seller have five business days after the date of acceptance to have an attorney review and modify the contract. During this period, either party's attorney may disapprove the contract or propose modifications. If no attorney review letter is sent within this window, the contract proceeds as written. This is the single most important deadline in the entire transaction — once it passes, you are bound to the terms as drafted.
Professional Inspection Deadline
5 Business Days After Date of AcceptanceThe buyer has five business days from the date of acceptance to conduct a professional home inspection. This includes the right to inspect the property's structural, mechanical, electrical, plumbing, and environmental systems. If defects are discovered, the buyer's attorney may request repairs or credits during the attorney review period. Failing to complete an inspection within this deadline may waive the buyer's right to object to the property's condition.
Mortgage Contingency Deadline
45 Days After the Date of Acceptance or 5 Business Days Before ClosingUnder the Multi-Board contract, the buyer must obtain a mortgage commitment not later than forty-five (45) days after the Date of Acceptance or five (5) business days prior to the date of closing, whichever is earlier. If the buyer is unable to secure financing by this deadline, they must notify the seller before the mortgage contingency date expires. The buyer is required to make a good-faith effort to obtain a mortgage commitment throughout this period. Failure to provide timely notice that financing has fallen through may result in the buyer losing their earnest money deposit.
Appraisal Deadline
Negotiated During Attorney ReviewMost lenders require an independent appraisal to confirm the property's market value supports the loan amount. If the appraisal comes in below the purchase price, the buyer may need to renegotiate the price, increase their down payment, or exercise a contractual right to terminate. The appraisal is typically ordered by the lender shortly after the loan application and must be completed before the mortgage commitment deadline.
The Multi-Board Residential Real Estate Contract does not include a built-in appraisal contingency provision. If the buyer is obtaining financing, the buyer's attorney must add an appraisal contingency during the attorney review period to protect the buyer in the event the property appraises below the purchase price.
Why You Need an Attorney for Your Real Estate Transaction
Illinois is one of the few states where attorney involvement in real estate transactions is customary and strongly recommended. Here's why legal representation matters.
Contract Negotiation & Modification
The Multi-Board Residential Real Estate Contract is a complex legal document with provisions that significantly impact both parties. An attorney reviews the contract, identifies unfavorable terms, and negotiates modifications during the attorney review period to protect your interests.
Title Examination & Clearing Defects
An attorney conducts a thorough examination of the title commitment and survey to identify liens, encumbrances, easements, and title defects that could affect ownership rights. Your attorney works to resolve these issues before closing to ensure you receive clear and marketable title.
Deadline & Contingency Management
Missing a single contractual deadline can result in the loss of earnest money, waiver of contingencies, or breach of contract. An attorney tracks every deadline — from attorney review to mortgage contingency to closing — and ensures timely compliance with all contractual obligations.
Dispute Resolution & Risk Mitigation
Issues frequently arise during real estate transactions: inspection disputes, title objections, survey discrepancies, lender requirements, and last-minute complications. An experienced attorney advocates on your behalf, resolves disputes efficiently, and protects you from potential liability.
Closing Representation
At the closing table, your attorney reviews all closing documents including the settlement statement, deed, mortgage documents, and transfer declarations. They ensure all figures are accurate, all contractual obligations have been met, and that the transaction closes properly.
Post-Closing Protection
After closing, issues can still arise — recording errors, unreleased liens, tax proration adjustments, or escrow disputes. Having an attorney who handled your transaction means you have someone familiar with your deal who can address post-closing matters promptly and effectively.
Common Issues That Delay Illinois Residential Closings
Even with experienced legal representation, several issues can arise that delay or complicate a residential closing in Illinois. Being aware of these potential obstacles helps buyers and sellers prepare and avoid last-minute surprises.
Title Issues and How They Affect Illinois Residential Closings
A clean title is essential for every Illinois residential real estate transaction. During the attorney review period, the buyer's attorney examines the title commitment issued by the title company to identify any liens, encumbrances, easements, or judgments that could affect the buyer's ownership rights. Common title issues include unpaid property taxes, mechanic liens from prior renovation work, HOA assessment liens, outstanding mortgages that were never released, and boundary disputes revealed by the survey.
When a title issue is discovered, the seller's attorney must work to clear the defect before closing. This may involve obtaining lien releases, paying off outstanding debts from closing proceeds, or negotiating with third parties to remove encumbrances. In some cases, the title company may agree to insure over minor issues, but significant defects can delay or prevent closing entirely. Having an experienced real estate attorney review the title commitment early in the process helps avoid last-minute surprises and ensures the buyer receives marketable title at closing.
Understanding Illinois Residential Closing Costs
Closing costs in Illinois residential transactions typically range from 2% to 5% of the purchase price and are divided between the buyer and the seller according to local custom and the terms of the Multi-Board contract. Common buyer costs include the loan origination fee, appraisal fee, title insurance premium, survey, recording fees, and prorated property taxes. Sellers typically pay the real estate agent commissions, transfer tax stamps (both state and municipal where applicable), and any outstanding liens or assessments.
Illinois state transfer tax is $0.50 per $500 of the sale price, and many municipalities impose additional transfer taxes that can significantly increase closing costs. For example, the City of Chicago imposes a $3.75 per $500 transfer tax on sellers and a $7.50 per $500 transfer tax on buyers. Cook County adds its own $0.25 per $500 levy. Understanding these costs in advance and negotiating their allocation in the contract is an important part of the attorney review process.
Illinois Property Tax Proration Calculator
Illinois real estate closings require accurate property tax proration calculations. Use our free tool to calculate prorations based on your county, closing date, and applicable tax cycle.
Illinois Tax Proration Calculator
Calculate real estate tax prorations for Illinois properties (taxes paid in arrears)
Calculation Results
Tax proration breakdown for the closing
Enter tax information and closing date to calculate proration
About Illinois Tax Proration
Paid in arrears: Since Illinois property taxes are paid in arrears, tax proration ensures that the buyer is fairly compensated for the tax bills they will receive after the closing, for the period in time in which the seller still owned the property.
Two installments: The property tax bills are typically paid in two installments, usually due in the spring and fall of the following year. In many counties, the first installment is due around June 1st and the second around September 1st.
Tax Proration When Assessed Value Has Changed
When the most recent tax bill no longer reflects the expected taxes — due to new construction, reassessment, or appeal — use this calculator to estimate the tax proration from the property's current assessed value.
Tax Proration — When the Assessed Value Has Changed
Use this calculator when the property has been reassessed, newly constructed, or the assessed value has changed
Cook County residential is 10%. Other counties may vary.
The state equalization factor varies by county and tax year. Check your county assessor's website for the current factor.
Your composite local tax rate can be found on your most recent tax bill or your county clerk's website.
Exemptions (Optional)
Enter dollar amounts from your tax bill. These reduce the total tax before proration. Leave blank or enter 0 if not applicable.
Calculation Results
Step-by-step tax computation and proration breakdown
Enter property details and closing date to calculate the tax proration
When to Use This Calculator
Changed assessed value: Use this calculator when the property's assessed value has changed and the most recent tax bill no longer reflects the expected taxes — for example, after new construction, a reassessment, a successful tax appeal, or when the property has been recently improved or subdivided.
How it works: This calculator computes the estimated annual tax from scratch using the property value, assessment level, state equalizer factor, and local tax rate — then prorates that amount to the closing date. The result is an estimate; actual taxes may differ based on exemptions, special assessments, and final equalization factors.