Information About Brokerage Services
Before working with a real estate broker, you should know that the duties of a
broker depend on whom the broker represents. If you are a prospective seller or
landlord (owner) or a prospective buyer or tenant (buyer), you should know that
the broker who lists the property for sale or lease is the owner's agent. A
broker who acts as a subagent represents the owner in cooperation with the
listing broker. A broker who acts as a buyer's agent represents the buyer. A
broker may act as an intermediary between the parties if the parties consent in
writing. A broker can assist you in locating a property, preparing a contract
or lease, or obtaining financing without representing you. A broker is
obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by
entering into an agreement with the owner, usually through a written -listing
agreement or by agreeing to act as a subagent by accepting an offer of sub
agency from the listing broker. A subagent may work in a different real estate
office. A listing broker or subagent can assist the buyer but does not
represent the buyer and must place the interests of the owner first. The buyer
should not tell the owner's agent anything the buyer would not want the owner
to know because an owner's agent must disclose to the owner any material
information known to the agent.
IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by
entering into an agreement to represent the buyer, usually through a written
buyer representation agreement A buyer's agent can assist the owner but does
not represent the owner and must place the interests of the buyer first. The
owner should not tell a buyer's agent anything the owner would not want the
buyer to know because a buyer's agent must disclose to the buyer any material
information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
The broker must obtain the written consent of each party to the
transaction to act as an intermediary. The written consent must state who will
pay the broker and, in conspicuous bold or underlined print, set forth the
broker's obligations as an intermediary. The broker is required to treat each
party honestly and fairly and to comply with the Illinois Real Estate laws.
A broker who acts as an intermediary in a transaction: (1) shall treat all
parties honestly; (2) may not disclose that the owner will accept a price less
than the asking price unless authorized in writing to do so by the owner; (3)
may not disclose that the buyer will pay a price greater than the price
submitted in a written offer unless authorized in writing to do so by the
buyer; and (4) may not disclose any confidential information or any information
that a party specifically instructs the broker in writing not to disclose
unless authorized in writing to disclose the information or required to do so
by The State of Illinois or a court order or if the information
materially relates to the condition of the property. With the parties' consent,
a broker acting as an intermediary between the parties may appoint a person who
is licensed and associated with the broker to communicate with and carry out
instructions of one party and another person who is licensed under that Act and
associated with the broker to communicate with and carry out instructions of
the other party.
If you choose to have a broker represent you, you should enter into a written
agreement with the broker that clearly establishes the broker's obligations and
your obligations. The agreement should state how and by whom the broker will be
paid. You have the right to choose the type of representation, if any, you wish
to receive. Your payment of a fee to a broker does not necessarily establish
that the broker represents you. If you have any questions regarding the duties
and responsibilities of the broker, you should resolve those questions before
proceeding. Real estate licensees ask that you acknowledge receipt of this
information about brokerage services for the licensee's records. | Terms of Use
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estate of the type being offered through this site;
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DISCLAIMER: The information regarding
properties currently available for sale is provided exclusively for consumers'
personal, non-commercial use and may not be used for any purpose other than to
identify prospective properties consumers may be interested in purchasing. The
source of information is the local Multiple Listing Service. The
listings of Radclifee Realty Inc. are also included in this database and
shall be clearly identified as such. All properties are subject to prior sale,
change, or withdrawal. Neither listing broker(s) norRadclifee Realty Inc.
shall be responsible in any way for any typographical errors, misinformation,
misprints and shall be held totally harmless. All information contained herein
is believed accurate but is NOT warranted or guaranteed and should be
independently verified prior to any purchasing or selling decision. |