The non-exclusive agreement outlines the broker's/agent's duties and obligations to the buyer, agency relationships, broker scope of duty and buyer obligations; however, it does provide for compensation. It also removes the buyer's responsibility to pay a commission if the broker / agent is paid by another party such as the seller.
Chicago Illinois Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document that establishes a professional relationship between a real estate buyer and their chosen real estate broker or agent. This agreement outlines the rights and responsibilities of both parties involved in the home buying process. In Chicago, Illinois, there are different types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures available to buyers, each with their own distinct features: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple real estate brokers or agents simultaneously. The agreement does not guarantee exclusivity, meaning the buyer is not obliged to solely work with one particular agent. This flexibility allows buyers to explore different options and potentially find the best match for their needs. 2. Exclusive Buyer-Broker Agreement: In contrast to the non-exclusive agreement, this type of agreement establishes an exclusive working relationship between the buyer and a specific real estate broker or agent. The buyer agrees to work solely with the chosen agent, who in return commits to providing dedicated assistance and priority access to properties that meet the buyer's criteria. 3. Agency Disclosure: In addition to the buyer-broker agreement, the Illinois Real Estate License Act mandates that real estate brokers or agents disclose the agency relationship with their clients. This disclosure is referred to as the Agency Disclosure, which ensures transparency and helps buyers understand the roles their agents play in the transaction. The Chicago Illinois Non-Exclusive Buyer-Broker Agreement and Agency Disclosure cover various crucial aspects of the home buying process. These include, but are not limited to: 1. Compensation: The agreement outlines the compensation structure for the broker or agent, typically in the form of a commission based on the final sale price of the property. 2. Scope of Services: The agreement specifies the services the broker or agent will provide, including property searches, scheduling property viewings, negotiating offers, and guiding the buyer through the closing process. 3. Duties and Obligations: The agreement defines the duties and obligations of both the buyer and the broker or agent, ensuring each party understands their responsibilities in the transaction. 4. Termination Clause: The agreement may include a termination clause, which outlines the conditions and procedures for terminating the agreement if either party wishes to discontinue the professional relationship. 5. Agency Relationship: The Agency Disclosure portion of the agreement clarifies whether the agent is acting as a seller's agent, buyer's agent, or a dual agent representing both the buyer and the seller. This disclosure is critical for buyers, as it determines the extent of fiduciary duties owed to them by the agent. It is important for buyers in Chicago, Illinois, to carefully review and understand the terms of the Non-Exclusive Buyer-Broker Agreement and Agency Disclosure before entering into a professional relationship with a real estate broker or agent. Seeking legal advice or consulting with an experienced real estate professional can help ensure buyers make informed decisions and protect their interests throughout the home buying process.Chicago Illinois Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document that establishes a professional relationship between a real estate buyer and their chosen real estate broker or agent. This agreement outlines the rights and responsibilities of both parties involved in the home buying process. In Chicago, Illinois, there are different types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures available to buyers, each with their own distinct features: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple real estate brokers or agents simultaneously. The agreement does not guarantee exclusivity, meaning the buyer is not obliged to solely work with one particular agent. This flexibility allows buyers to explore different options and potentially find the best match for their needs. 2. Exclusive Buyer-Broker Agreement: In contrast to the non-exclusive agreement, this type of agreement establishes an exclusive working relationship between the buyer and a specific real estate broker or agent. The buyer agrees to work solely with the chosen agent, who in return commits to providing dedicated assistance and priority access to properties that meet the buyer's criteria. 3. Agency Disclosure: In addition to the buyer-broker agreement, the Illinois Real Estate License Act mandates that real estate brokers or agents disclose the agency relationship with their clients. This disclosure is referred to as the Agency Disclosure, which ensures transparency and helps buyers understand the roles their agents play in the transaction. The Chicago Illinois Non-Exclusive Buyer-Broker Agreement and Agency Disclosure cover various crucial aspects of the home buying process. These include, but are not limited to: 1. Compensation: The agreement outlines the compensation structure for the broker or agent, typically in the form of a commission based on the final sale price of the property. 2. Scope of Services: The agreement specifies the services the broker or agent will provide, including property searches, scheduling property viewings, negotiating offers, and guiding the buyer through the closing process. 3. Duties and Obligations: The agreement defines the duties and obligations of both the buyer and the broker or agent, ensuring each party understands their responsibilities in the transaction. 4. Termination Clause: The agreement may include a termination clause, which outlines the conditions and procedures for terminating the agreement if either party wishes to discontinue the professional relationship. 5. Agency Relationship: The Agency Disclosure portion of the agreement clarifies whether the agent is acting as a seller's agent, buyer's agent, or a dual agent representing both the buyer and the seller. This disclosure is critical for buyers, as it determines the extent of fiduciary duties owed to them by the agent. It is important for buyers in Chicago, Illinois, to carefully review and understand the terms of the Non-Exclusive Buyer-Broker Agreement and Agency Disclosure before entering into a professional relationship with a real estate broker or agent. Seeking legal advice or consulting with an experienced real estate professional can help ensure buyers make informed decisions and protect their interests throughout the home buying process.
