On Demand Audio

A Primer on Illinois’ New Standard Real Estate Contract: The Multi-Board 7.0 Contract

(421 reviews)

Produced on April 12, 2019

$ 59 Contract Law and Real Estate In Stock
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Course Information

Time 61 minutes
Difficulty Beginner

Course Description

Changes in technology and the market have necessitated changes in the way the standard Real Estate Contract needed to be drafted to protect the parties to a transaction. Since 2003, the various Real Estate Associations in Northern Illinois have worked together to create a single contract that would assure that all of the parties to the contract are working toward closing. In 2016, a group of about 13 Real Estate Brokers and about 7 attorneys worked over 120 hours to create a new standard contract. This course, presented by experienced real estate practitioner Erica Crohn Minchella, will review both what the contract says and how it differs from the prior version that was in common usage. In particular, the program will focus on the Attorney Review and Inspection Review paragraphs.


Learning Objectives:

  1. Grasp the changes to the revamped first page of the contract and how it will help the attorney address costs and obligations needed for closing
  2. Examine the Attorney Review paragraph revisions, focusing on the difference between a counterclaim and a modification, and the risks and benefits of using the operative paragraphs
  3. Identify the risks of asking for inspection issues outside of the issues specified in the contract, and how to negotiate around those issues
  4. Explore other changes to the contract that every attorney needs to know

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .

Faculty

Erica Crohn Minchella

Erica Crohn Minchella, Attorney at Law

Erica is a graduate of Loyola University School of Law and has practiced law for 35 years, of which 33 have been in some form of her own firm. Jokingly referring to herself as a “distress real estate lawyer”, Erica concentrates her time, talents and passion on assisting clients to be well-informed about their real estate decisions, whether they are buying a home or an investment, as well as helping them get out of debt and to build a solid financial future. Her field of expertise includes the spectrum of conventional and distressed real property issues, foreclosure defense, short sale transactions, and counseling her clients in re-establishing their credit and becoming debt free and mortgage free.

She also advises investors in need of exit strategies for real estate deals gone sour as well as those who see the current market as a great place to invest, as well as home buyers who are purchasing conventional and distressed real estate. For five years in a row, Erica has been named a Leading Lawyer by the Leading Lawyers Network and has been named a Super Lawyer for 2017. The extent of her mentoring younger attorneys in her areas of concentration as well as marketing and law office management has been acknowledged in the Kathryn Barisa Rinella Mentoring Award, given to her by the Justinian Society of Lawyers. 

Erica serves on the Boards of the Association of Foreclosure Defense Attorneys (Founder and President), and Illinois Real Estate Lawyers Association and is a Commissioner on the Village of Skokie Economic Development Commission. Currently, Erica is the 2016-17 Chair of the Illinois State Bar Association Real Estate Law Section Council. She is regularly invited to be on the faculty of continuing legal education programs on real estate issues. Her business and professional association memberships include the Justinian Society of Lawyers, Small Business Advocacy Council, Women’s Council of Realtors, Women’s Bar Association and the Skokie Chamber of Commerce. She has maintained her Real Estate License for over 25 years. The mother of two grown children, she has been married for over 32 years to her husband, Jim.



Reviews

BR
Barbara R.

Excellent presentation with practical advise.

PR
Pamela R.

Excellent walk through of new form.

PP
Phil P.

A great webinar.

SW
Steve W.

Very good overview of Illinois real estate law with useful tips for practitioners.

SS
Steven S.

Very helpful

JZ
John Robert Z.

good program.

PS
Pamela S.

Excellent program

DD
David D.

The speaker gave a well organized, coherent, and informative presentation. Very useful information for the practitioner.

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