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.
Chicago, Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding contract that establishes an exclusive relationship between a property owner and a real estate brokerage agency in the city of Chicago, Illinois. This agreement grants the broker exclusive rights to market, promote, and sell the property on behalf of the property owner. The purpose of this agreement is to facilitate the efficient and effective sale of real property by leveraging the expertise, resources, and network of the brokerage agency. The broker assumes the responsibility of attracting potential buyers, negotiating offers, and coordinating the sale process. Under this agreement, the property owner grants the broker exclusive authority to list the property for sale and market it to potential buyers. The agreement also permits the broker to solicit co-brokers — other licensed real estate agents who may have interested buyers or clients looking for a property matching the listing. By engaging co-brokers, the broker expands the reach and visibility of the property, maximizing the chances of finding a qualified buyer. There are several types of Exclusive Sales Agency Listing Agreements for Sale of Real Property with Brokers to Solicit Co-Brokers that may exist in Chicago, Illinois: 1. Standard Exclusive Sales Agency Listing Agreement: This is the most common type of agreement, where the broker's exclusive rights to sell the property are established for a predetermined period. The agreement outlines the broker's responsibilities, including marketing strategies, recommended list price, commission structure, and other relevant terms and conditions. 2. Exclusive Right to Sell Agreement with Co-Brokerage: This agreement grants the broker exclusive rights to sell the property, while allowing the broker to engage co-brokers to help with marketing and sale efforts. The co-brokers may receive a portion of the commission upon successfully closing a sale. 3. Multiple Listing Service (MLS) Exclusive Sales Agency Listing Agreement: In this type of agreement, the property owner grants the broker the exclusive right to list the property on the MLS in addition to soliciting co-brokers. The MLS exposure increases the visibility of the property to a wider range of potential buyers and agents. 4. Limited Exclusive Sales Agency Listing Agreement: This agreement limits the broker's exclusive rights to sell the property to a specific geographical area or a targeted buyer segment. It enables the property owner to engage multiple brokers for co-brokerage, but only the exclusive broker can directly solicit co-brokers. In summary, the Chicago, Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers establishes a partnership between a property owner and a brokerage agency to market and sell a property. It allows the broker to solicit co-brokers to broaden the pool of potential buyers. The specific type of agreement chosen may vary based on the owner's preferences and the property's unique characteristics.Chicago, Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding contract that establishes an exclusive relationship between a property owner and a real estate brokerage agency in the city of Chicago, Illinois. This agreement grants the broker exclusive rights to market, promote, and sell the property on behalf of the property owner. The purpose of this agreement is to facilitate the efficient and effective sale of real property by leveraging the expertise, resources, and network of the brokerage agency. The broker assumes the responsibility of attracting potential buyers, negotiating offers, and coordinating the sale process. Under this agreement, the property owner grants the broker exclusive authority to list the property for sale and market it to potential buyers. The agreement also permits the broker to solicit co-brokers — other licensed real estate agents who may have interested buyers or clients looking for a property matching the listing. By engaging co-brokers, the broker expands the reach and visibility of the property, maximizing the chances of finding a qualified buyer. There are several types of Exclusive Sales Agency Listing Agreements for Sale of Real Property with Brokers to Solicit Co-Brokers that may exist in Chicago, Illinois: 1. Standard Exclusive Sales Agency Listing Agreement: This is the most common type of agreement, where the broker's exclusive rights to sell the property are established for a predetermined period. The agreement outlines the broker's responsibilities, including marketing strategies, recommended list price, commission structure, and other relevant terms and conditions. 2. Exclusive Right to Sell Agreement with Co-Brokerage: This agreement grants the broker exclusive rights to sell the property, while allowing the broker to engage co-brokers to help with marketing and sale efforts. The co-brokers may receive a portion of the commission upon successfully closing a sale. 3. Multiple Listing Service (MLS) Exclusive Sales Agency Listing Agreement: In this type of agreement, the property owner grants the broker the exclusive right to list the property on the MLS in addition to soliciting co-brokers. The MLS exposure increases the visibility of the property to a wider range of potential buyers and agents. 4. Limited Exclusive Sales Agency Listing Agreement: This agreement limits the broker's exclusive rights to sell the property to a specific geographical area or a targeted buyer segment. It enables the property owner to engage multiple brokers for co-brokerage, but only the exclusive broker can directly solicit co-brokers. In summary, the Chicago, Illinois Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers establishes a partnership between a property owner and a brokerage agency to market and sell a property. It allows the broker to solicit co-brokers to broaden the pool of potential buyers. The specific type of agreement chosen may vary based on the owner's preferences and the property's unique characteristics.
