According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
Illinois Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document that involves the relationship between a buyer and a real estate broker or agent. It ensures a clear understanding of the obligations and duties of both parties during the home buying process. Under this agreement, the real estate broker or agent is exclusively representing the buyer's interests. It means that the broker will act solely on behalf of the buyer, providing professional advice, negotiating the best terms, and prioritizing the buyer's best interests throughout the transaction. The Illinois Exclusive Buyer-Broker Agreement and Agency Disclosure form also contains an agency disclosure section. This section explains the different types of agency relationships that can exist between a real estate broker or agent and a buyer, and it discloses the type of agency relationship the broker or agent has with the buyer. In Illinois, there are two main types of agency relationships: 1. Exclusive Buyer Agency: This type of agreement establishes a fiduciary relationship, where the broker has a legal duty to act in the best interest of the buyer. The broker owes loyalty, confidentiality, obedience, and full disclosure to the buyer. The buyer's interests are prioritized above anyone else's, including the seller's. 2. Dual Agency: In some cases, a broker may represent both the buyer and the seller in a transaction. This dual agency relationship must be disclosed to both parties, and the broker must provide fair and impartial representation to both sides. However, in dual agency, the broker cannot offer the same level of undivided loyalty to either party as in an exclusive buyer agency relationship. It is important for buyers to carefully review and consider the terms of the Illinois Exclusive Buyer-Broker Agreement and Agency Disclosure before signing. This agreement ensures that their interests are protected and that they have a dedicated representative advocating for their needs throughout the home buying process. Buyers should seek legal advice if they have any questions or concerns regarding the agreement.
