The Multi-Board Contract 8.0, explained

Names the buyer and seller. If one agent represents both sides (dual agency), it must be flagged here and confirmed in optional Paragraph 30.

Identifies the property: address, tax PIN, and property type. Crucially for condos, this is where designated parking and storage are spelled out — including whether they're deeded (you own them), limited common elements, or merely assigned.

States the price, any seller credit toward your closing costs, and the earnest money: how much, and when the initial and additional deposits are due (lines 22–27).

New in the post-2024 era: the parties record whether the seller will contribute to the buyer's brokerage compensation — a percentage, a flat amount, or nothing.

Sets the closing date and establishes it happens at the title company's office nearest the property.

You get possession at closing — keys delivered, occupants out — unless the parties use optional Paragraph 35 for post-closing possession.

A long checklist of what stays: appliances, window treatments, TV mounts, smart thermostats, EV chargers, and so on. Seller warrants items are in operating condition at possession — and lines 67–68 define 'operating' generously: it performs its function, regardless of age.

You initial exactly one: (a) a financing contingency — deadline of 45 days after acceptance or 5 business days before closing, whichever is earlier (lines 70–71), specifying loan type, rate cap, and down payment; (b) all cash; or (c) cash but financing allowed, with no financing contingency.

The contract is contingent on you obtaining evidence of insurability within 10 business days. Miss the window and the contingency is waived.

If the property sits in a special flood hazard area, you may declare the contract void within 10 business days (or by the financing deadline). Check the FEMA flood map on our Resources page before you're in this position.

Records whether you received the Illinois property disclosure, lead paint disclosure and pamphlet, and radon materials before signing.

Because Illinois taxes are paid in arrears, the seller credits you for accrued-but-unbilled taxes at closing, calculated at a negotiated percentage of the most recent tax bill (lines 147–149).

Within 5 business days, each side's attorney can approve, disapprove (not solely over price), or propose modifications. If modifications aren't resolved within 10 business days, either party can terminate (lines 173–176). Serve nothing within the 5-day window and review rights are waived entirely (lines 182–183).

If initialed, you take the property as-is: no warranties about condition, and the Paragraph 7 operating-condition warranty is off (lines 192–194). Inspection rights survive only if Paragraph 15 b) or c) is initialed.

Initial one: (a) waive inspections; (b) inspect with the right to request repairs — but only for major components (heating, plumbing, electrical, roof, structure...), not cosmetics; or (c) inspect with no repair requests — a pure yes/no within 5 business days. Important quirk: don't send the inspection report to the seller unless they request it in writing (lines 220–222) — doing so can let the seller terminate.

Optional add-ons: a termite/wood-destroying insect report (seller's expense) and, for homes not on city services, well and septic testing with a $5,000 remedy threshold.

For condos and HOAs: seller pays assessments levied before closing and special assessments confirmed before acceptance; you get the association documents and the right to void the deal within 5 business days if they reveal unacceptable rules, restrictions, or finances.

Seller conveys good and merchantable title by warranty deed and pays the state and county transfer stamps.

Some municipalities have their own transfer taxes and pre-closing inspection requirements; each is paid by whoever the local ordinance designates — unless the parties agree otherwise.

Seller provides a title insurance commitment before closing; unpermitted exceptions or survey encroachments must be removed or insured over.

For non-condos, the seller delivers a current staked boundary survey no later than a day before closing. A 'mortgage inspection' doesn't count.

If the property is materially damaged before the deed is delivered, you choose: terminate with your earnest money back, or take the property plus the insurance proceeds.

Broom clean, everything not sold to you removed, and you may re-inspect before possession to verify the property matches its condition at acceptance, normal wear excepted.

Seller certifies no known code violations, boundary disputes, unpermitted improvements, pending special assessments, and more — representations that are re-made as of closing and survive it.

Business days defined (Mon–Fri, 8am–6pm Chicago time), e-signatures are valid, earnest money release mechanics (Paragraph 27), how legal notices must be served (Paragraph 28), and 'time is of the essence' — deadlines are real, and the losing party in litigation pays the winner's attorney fees (Paragraph 29).

Confirms both parties consent to one licensee representing both sides.

Makes the purchase contingent on selling (or closing) your current home by set dates — with the seller keeping the right to market their property. If they get another offer, they can serve a 'kick-out' notice giving you a set number of hours to waive the contingency (and deposit additional earnest money) or walk.

Used when this deal depends on a prior contract being cancelled — the backup-offer paragraph.

Seller provides a prepaid home warranty policy at a stated cost.

For solar panels: owned outright, financed, or leased — with document delivery and the right to cancel if agreements can't be terminated or assigned.

The seller stays after closing until a set date, backed by an escrow (default 2% of the price if left blank — lines 532–534): a per-day rate to you through the possession date, and three times that daily rate for any holdover beyond it.

Contract contingent on approval by a named person — the classic 'my dad the contractor needs to see it' clause — within 5 business days.

Checkboxes to incorporate approved addendums (appraisal contingency, multi-unit, short sale...) and frameworks for special deal structures like new construction or commercial.