Dual Agency (225 ILCS 454/15-45) – Legally in Illinois. Real estate agents can only act as a double agent with the written consent of each party. A consent agreement must be drafted by the agent and signed by the buyer and seller. Agency Information Form (225 ILCS 454/15-35) – No standardized form. If a taker agrees to work as a designated agent for a buyer or seller, the licensee must provide the person with a written disclosure explaining the relationship between the designated agent. The necessary information may be mentioned in the brokerage contract or contained in a separate document. Illinois REALTORS® have provided disclosure of the designated agency that is authorized in these circumstances for use. Residential Real Estate Disclosure Report (765 ILCS 77/35 – 765 ILCS 77/20) – Must be completed by the seller and given to the buyer prior to the execution of a sales contract. However, if the seller has not lived in the property and has not managed the property, he is exempt from the advertising requirement. The Realtor Agreement in Illinois is a contract that describes the conditions under which a broker can sell an owner`s residential or commercial real estate.
The contract will indicate the desired sale price at the same time as the commission given to the agent when carrying out his obligations. In the case of an “exclusive right to sell,” the broker is the only person entitled to sell the property and collect a commission on the transaction. However, the seller and agent can agree on a different type of listing. B for example, an “open list” that can help the seller by drastically reducing brokerage fees, which are usually tied to an exclusive listing agreement. . Find a licensee – find the license information of a real estate agent in Illinois. . Chicago Association of Realtor Version (Revised 08/2015) – Adobe PDF.