Cook Illinois Non-Exclusive Real Estate Brokerage Agreement

• Category: Contracts - Stock Broker
• State: Multi-State
• County: Cook
• Control #: US-13377BG
• Format: Word; Rich Text

Description

A real estate brokerage agreement is a contract formed between a broker and their client. The brokerage agreement or broker agreement describes the duties that the broker has towards the client. It also lists the client's duties, such as the duty to pay the broker. The Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is a legally binding contract between a property owner or seller, and a real estate brokerage firm operating in Cook County, Illinois. This agreement outlines the terms and conditions under which the brokerage firm will market and facilitate the sale or lease of the property on behalf of the owner. A non-exclusive agreement gives the property owner the freedom to engage with multiple brokerage firms, instead of exclusively working with only one. This allows the owner to increase the chances of finding potential buyers or tenants, as multiple firms can market the property simultaneously. However, it is essential to note that the brokerage firm will only earn a commission if they successfully secure a buyer or tenant for the property. The Cook Illinois Non-Exclusive Real Estate Brokerage Agreement typically covers various important elements: 1. Parties Involved: The agreement clearly identifies the property owner or seller, referred to as the "principal," and the brokerage firm as the "brokerage." 2. Listing Term: The duration of the agreement is specified, indicating the period within which the brokerage firm will exclusively market the property. 3. Property Description: A detailed description of the property being listed is provided, including its address, size, amenities, and other relevant features. 4. Listing Price: The agreement states the desired selling or rental price set by the property owner. This price may be subject to negotiations and adjustments. 5. Brokerage Fee: The commission or fee structure payable to the brokerage firm upon successful sale or lease of the property is clearly defined. It typically represents a percentage of the final transaction price or a flat fee. 6. Marketing and Advertising: The agreement outlines the marketing strategies and channels the brokerage firm will employ to promote the property. This may include online listings, print media, signage, open houses, and other promotional activities. 7. Responsibilities and Obligations: The roles and responsibilities of both parties are outlined, including the obligations of the brokerage firm to act in the best interest of the owner, maintain confidentiality, and comply with all applicable laws and regulations. 8. Termination: The circumstances under which the agreement can be terminated by either party are specified. This includes situations such as breach of contract, failure to perform, or mutual agreement. While the Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is the overarching contract, there may be different types or variations specific to certain property types or arrangements. For example, there could be separate agreements for residential properties, commercial properties, vacant land, or specialized properties like industrial spaces or luxury estates. In conclusion, the Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is an important document that governs the relationship between property owners and brokerage firms in Cook County, Illinois. It ensures that both parties understand their rights, obligations, and the terms under which the property will be marketed and sold or leased.

The Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is a legally binding contract between a property owner or seller, and a real estate brokerage firm operating in Cook County, Illinois. This agreement outlines the terms and conditions under which the brokerage firm will market and facilitate the sale or lease of the property on behalf of the owner. A non-exclusive agreement gives the property owner the freedom to engage with multiple brokerage firms, instead of exclusively working with only one. This allows the owner to increase the chances of finding potential buyers or tenants, as multiple firms can market the property simultaneously. However, it is essential to note that the brokerage firm will only earn a commission if they successfully secure a buyer or tenant for the property. The Cook Illinois Non-Exclusive Real Estate Brokerage Agreement typically covers various important elements: 1. Parties Involved: The agreement clearly identifies the property owner or seller, referred to as the "principal," and the brokerage firm as the "brokerage." 2. Listing Term: The duration of the agreement is specified, indicating the period within which the brokerage firm will exclusively market the property. 3. Property Description: A detailed description of the property being listed is provided, including its address, size, amenities, and other relevant features. 4. Listing Price: The agreement states the desired selling or rental price set by the property owner. This price may be subject to negotiations and adjustments. 5. Brokerage Fee: The commission or fee structure payable to the brokerage firm upon successful sale or lease of the property is clearly defined. It typically represents a percentage of the final transaction price or a flat fee. 6. Marketing and Advertising: The agreement outlines the marketing strategies and channels the brokerage firm will employ to promote the property. This may include online listings, print media, signage, open houses, and other promotional activities. 7. Responsibilities and Obligations: The roles and responsibilities of both parties are outlined, including the obligations of the brokerage firm to act in the best interest of the owner, maintain confidentiality, and comply with all applicable laws and regulations. 8. Termination: The circumstances under which the agreement can be terminated by either party are specified. This includes situations such as breach of contract, failure to perform, or mutual agreement. While the Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is the overarching contract, there may be different types or variations specific to certain property types or arrangements. For example, there could be separate agreements for residential properties, commercial properties, vacant land, or specialized properties like industrial spaces or luxury estates. In conclusion, the Cook Illinois Non-Exclusive Real Estate Brokerage Agreement is an important document that governs the relationship between property owners and brokerage firms in Cook County, Illinois. It ensures that both parties understand their rights, obligations, and the terms under which the property will be marketed and sold or leased.