Legal Resources
Broker/Lawyer Brief Video Series
Mainstreet’s Broker/Lawyer Brief Video Series was developed to assist you with common legal questions you may come across while conducting business. Narrated by attorneys and members of Mainstreet’s Broker/Lawyer Committee, these videos will give you straight forward answers to confusing questions so you can minimize risk and ensure a successful transaction.
Where is the Mold Disclosure?
Learn why the Mold Disclosure Form is no longer available and what to do if it's requested.
Vacation and Short Term Rental Leases
Learn what you need to consider when doing a vacation or short-term rental and commonly overlooked areas.
FHA or VA Amendatory Clause
Learn about the FHA or VA Amendatory Clause which is required when a buyer is applying for an FHA or VA mortgage.
Process of Back-up Contracts
Learn the procedure for how you should handle back-up contracts.
When a Contract is a Contract
Learn abou the statue of fraud and when a contract is really a binding agreement as well as if there are any exceptions to the rules.
Residential Real Property Disclosure
Learn who constitutes a seller under the Illinois Residential Real Property Disclosure Act and what types of transfers may be exempt from disclosure according to the act.
Owner of Record
Learn the legal concerns regarding the term "Owner of Record," "ORR," or "OfRecord" in the MLS.
When the Date of Acceptance is Different Than the Date of an Electronic Signature
Learn what happens when the date of acceptance is different than the date of an electronic signature by the buyer.
Condominium Association Documents in Real Estate
Learn which documents are required to be delivered under the multi-board contract and the responsibilities among the parties concerning the documents.
Handling of Earnest Money
This video discusses statutory duties of the Buyer's Agent and Listing Agent when handling earnest money.
Protect Yourself from Wire Fraud
Learn tips on how to protect your clients and yourself from wire fraud and keep your transactions secure.
Residential Exclusive Marketing Agreement
Learn answers to questions surrounding paragraph 11 of the Residential Exclusive Marketing Agreement. This includes proper use of the commission percentage and the plus or minus fees that may be used by a brokerage.
What Every REALTOR® Nees to Know About TRID - Part 1
Learn the history, goals, and why the TILA-RESPA Integrated Disclosure rule was adopted by the Consumer Financial Protection Bureau.
What Every REALTOR® Needs to Know About TRID - Part 2
Learn the important role that the REALTOR plays regarding the TILA-RESPA Integrated Disclosure rule.