This form is an Exclusive Agency Agreement. The form provides that the company and agent have agreed to enter into a contract. The company has agreed to appoint the agent as its exclusive agent for the purposes listed in the form.
Illinois Agency Agreement - General
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FAQ
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
SELLER'S AGENT A seller can engage the services of a real estate agent to sell his property (called the listing agent) and the real estate agent is then the agent for the seller who becomes the agent's client. This means that the real estate agent represents the seller.
In Illinois, licensees operate under the presumption of designated agency. This means the licensee is the legal agent and owes fiduciary-like statutory duties to the client with whom she is working.
Agents who work for people listing their homes to sell act in a single agency capacity as listing agents. Buyer's agents and the buyer will often sign a buyer's broker agreement, which lays out the duties and obligations of the agent.
Unlike a real estate closing attorney who can only legally represent one party in a transaction, dual agency in real estate sales is legal. As long as the agent fully discloses the relationship to both buyer and seller and receives their written consent, there is no restriction in representing both.
Single agency is when an agent represents a client (either the buyer or the seller) and is solely responsible for representing them with their best interests in mind. The buyer's agent and the buyer will sign a buyer's broker agreement, and the listing agent and seller will sign a listing agreement.
Designated agency is standard in Illinois. The Act requires that at the beginning of the agency relationship: - The client receives documentation in writing that a designated agency relationship exists. - The written confirmation shows the name of the designated agent.
In Illinois an agency relationship is defined in Article 15 of the License Act. An agency relationship can be created regardless of whether the seller pays the fee, the buyer pays the fee, each pays, or neither pays.
A designated agency is one that represents both buyers' and sellers' interests. One agent, working for the broker or agency, represents the seller and another stands in for the buyer. It's a requirement that certain procedures are put in place to ensure that client information is kept separate.
