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Multi-Board Version 3.0 Sales Contract |
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This page is to teach you how to use the online step-by-step tutorial for the new Multi-Board Version 3.0 Sales Contract.
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FORMATTA (reader) :
This is a FREE software . These forms CAN BE SAVED AND E-MAILED in their completed form. (If sent via E-mail, your end user will have to download Formatta Filler as well.) To print the Formatta forms, just go to "File" and then "Print" on your toolbar.
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| The Control Panel | How to navigate through the tutorial? |
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If you see this, right click on the mouse, the instruction box will show up. Use the Tab key to navigate to each space. The instruction box will show up for each blank space.
From
Joseph R.
Fortunato, Jr.
Fortunato, Farrell,
Davenport & Arnold, Ltd.
4112 Cass Avenue, Westmont, IL 60559
Legal counsel for the REALTOR Association of the West/South Suburban Chicagoland, President of Illinois Real Estate Lawyers Association and a member of the Common Contracts committee.
“Some have expressed concern about the integrity of the home buying process, a concern I share. They refer to the fact that an agent may inform a buyer that there may be no way of knowing that an offer has been accepted, or even presented. I submit that the requirement of an acceptance by a definite date and time will not prevent listing agents from "pocketing" offers and refusing to present them. We have attempted to prevent such actions by requiring the date and time of contract presentation and the initials of the seller memorializing that the seller rejected the offer. But if a listing agent refuses to present all offers, the requirements of license law notwithstanding, the presence in the contract of a date and time for the voiding of offers will have no effect on such conduct.
I do not understand the point about the unattractive alternative the buyer might have when withdrawing an offer. I envisioned, rather, that a buyer would be able to withdraw an offer not to put pressure on a seller to act or not to act, but rather to allow the buyer to make an offer on another property when the first offer had not yet been acted upon by a seller. I guess the presence or absence of the provision in question makes no difference in the situation where a buyer wants to look elsewhere to buy another property, nor would it seem to make any difference if a seller was weighing several offers; and as I stated earlier, it would make no difference if an unethical listing agent refused to present an offer because he or she wanted to present an offer from his or her own buyer.
Further, I submit that a buyer does not need acknowledgement from a seller that the buyer's offer has been withdrawn. Why would the seller need to acknowledge anything? Earnest money would not be deposited until after the acceptance of the offer. The buyer would not have to wait until the deadline to move on to another property. Indeed, the presence of the deadline would not require the buyer to wait until the deadline to withdraw the offer and move on. “
