This office lease form is an agreement between the landlord, owner of the property, a broker and an outside broker. This Letter Agreement was written as an inducement for each of the parties to continue negotiations and to set forth the conditions of the agreement between Outside Broker, Broker and Landlord.
The Illinois Co Brokerage Agreement A Co Brokerage Agreement is a legally binding contract between two real estate brokers who agree to cooperate and share the commission on a particular property transaction. In the state of Illinois, this agreement outlines the terms and conditions under which the cooperating brokers will work together to facilitate the sale or lease of a property. Key Elements of an Illinois Co Brokerage Agreement: 1. Commission Split: The agreement clearly states how the commission will be divided between the listing broker and the cooperating broker. Typically, the commission is shared on a pre-determined percentage basis, which is agreed upon by both parties. 2. Exclusive or Non-Exclusive: The agreement specifies whether the cooperating broker has the exclusive right to market and show the property or if multiple brokers can participate in the transaction. 3. Scope of Cooperation: The agreement outlines the obligations and responsibilities of each broker in marketing and selling the property. It includes details such as property showing arrangements, advertising efforts, and the disclosure of any material information regarding the property. 4. Term and Termination: The agreement specifies the duration of the cooperation between the brokers and the conditions under which it can be terminated. Termination may occur upon the successful completion of the transaction, by mutual consent, or due to a breach of the agreed-upon terms. Types of Illinois Co Brokerage Agreements: 1. Open Listing Agreement: This type of agreement allows multiple brokers to market and sell a property simultaneously. The cooperating broker who brings a ready, willing, and able buyer to the transaction is entitled to a commission. 2. Exclusive Agency Listing Agreement: In this agreement, the listing broker retains the right to market and sell the property exclusively, but reserves the right to cooperate with other brokers. If the cooperating broker brings a buyer, they earn a share of the commission. 3. Exclusive Right to Sell Listing Agreement: This agreement grants the listing broker the exclusive right to market and sell the property. Even if the cooperating broker procures a buyer, the listing broker is entitled to the full commission. In conclusion, the Illinois Co Brokerage Agreement is an essential document in real estate transactions. It establishes the terms under which real estate brokers cooperate and share commissions. Different types of agreements exist, including open listing, exclusive agency listing, and exclusive right to sell listing agreements. Understanding the nuances of these agreements is crucial for both brokers and clients involved in the Illinois real estate market.
