A broker is an agent who bargains or conducts negotiations for and on behalf of a person he or she represents, called a principal. The broker acts as an intermediary between the principal and third persons in the acquisition of contractual rights or the sale or purchase of property, and receives a commission or brokerage fee for his or her services. A broker has a duty to act in the principal's interest and not gain personal advantage at the principal's expense. The broker must avoid conflicts of interest that may arise in performing duties for or advising third parties whose interests are not aligned with those of the principal. A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property.
The terms of the brokerage agreement determine the character of the services to be rendered as well as the broker's right to compensation in particular circumstances.
The Cook Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a comprehensive legal document that outlines the terms and conditions for listing and selling a property through the exclusive services of a real estate agency in Cook County, Illinois. This agreement establishes a contractual relationship between the property owner (the "Seller") and the real estate agency (the "Listing Broker") to market the property for sale and solicit co-brokers (other licensed real estate professionals) to assist in finding potential buyers. The Cook Illinois Exclusive Sales Agency Listing Agreement sets forth the exclusive nature of the agreement, meaning that the Seller entrusts the Listing Broker as the sole representative for the promotion and sale of the property within the agreed-upon time frame. This listing agreement typically includes various provisions such as: 1. Property Details: A detailed description of the property being listed for sale, including its address, legal description, and any special features or attributes. 2. Listing Price and Terms: The agreed-upon listing price for the property, along with any specific terms or conditions related to the sale such as financing options, seller concessions, or desired closing dates. 3. Broker Compensation: The commission structure for the Listing Broker, which is typically a percentage of the final sale price. This section may also outline any additional compensation for co-brokers who bring a qualified buyer to the transaction. 4. Listing Period and Termination: The length of time during which the listing agreement is in effect, usually ranging from several months to a year. Additionally, the circumstances under which either party may terminate the agreement before its expiration are detailed. 5. Marketing and Advertising: The methods and strategies employed by the Listing Broker to market the property, including online listings, signage, print advertisements, open houses, and any costs associated with these efforts. 6. Seller Obligations: Any responsibilities or obligations the Seller must fulfill to facilitate the sale, such as keeping the property presentable, providing access for showings, disclosing any material defects, and cooperating with the real estate agency during the marketing and negotiation process. It is worth noting that while the Cook Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a common type of listing agreement, there may be variations or modifications to its terms based on factors such as the property type (residential, commercial, etc.) or specific market conditions. Real estate professionals are advised to consult with legal counsel or utilize approved forms provided by local real estate associations to ensure compliance with applicable laws and regulations.The Cook Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a comprehensive legal document that outlines the terms and conditions for listing and selling a property through the exclusive services of a real estate agency in Cook County, Illinois. This agreement establishes a contractual relationship between the property owner (the "Seller") and the real estate agency (the "Listing Broker") to market the property for sale and solicit co-brokers (other licensed real estate professionals) to assist in finding potential buyers. The Cook Illinois Exclusive Sales Agency Listing Agreement sets forth the exclusive nature of the agreement, meaning that the Seller entrusts the Listing Broker as the sole representative for the promotion and sale of the property within the agreed-upon time frame. This listing agreement typically includes various provisions such as: 1. Property Details: A detailed description of the property being listed for sale, including its address, legal description, and any special features or attributes. 2. Listing Price and Terms: The agreed-upon listing price for the property, along with any specific terms or conditions related to the sale such as financing options, seller concessions, or desired closing dates. 3. Broker Compensation: The commission structure for the Listing Broker, which is typically a percentage of the final sale price. This section may also outline any additional compensation for co-brokers who bring a qualified buyer to the transaction. 4. Listing Period and Termination: The length of time during which the listing agreement is in effect, usually ranging from several months to a year. Additionally, the circumstances under which either party may terminate the agreement before its expiration are detailed. 5. Marketing and Advertising: The methods and strategies employed by the Listing Broker to market the property, including online listings, signage, print advertisements, open houses, and any costs associated with these efforts. 6. Seller Obligations: Any responsibilities or obligations the Seller must fulfill to facilitate the sale, such as keeping the property presentable, providing access for showings, disclosing any material defects, and cooperating with the real estate agency during the marketing and negotiation process. It is worth noting that while the Cook Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a common type of listing agreement, there may be variations or modifications to its terms based on factors such as the property type (residential, commercial, etc.) or specific market conditions. Real estate professionals are advised to consult with legal counsel or utilize approved forms provided by local real estate associations to ensure compliance with applicable laws and regulations.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
