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. The most commonly used agreement in Chicago between agents and sellers is called exclusive list agreement. This mandatory contract was developed by the Chicago Real Doors Association and is the gold standard for Chicago listing agreements. 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. If you want to give yourself the best chance to sell your home at an optimal price in no time, an exclusive list contract is the best option. Your agent is only paid if he brings a buyer to the table and closes the sale for the duration of the contract. Here are some of the main components of list agreements in Chicago: If you don`t have a buyer, you want to see as many potential buyers and their agents as possible in your home.
With your offer agreement, you can list the property in the MLS, that is, the database used daily by thousands of buyers and agents. Without the list agreement, your agent cannot list your home in MLS. 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. Your contract with your agent is called list agreement and is the document that governs your relationship through The Conclusion.