1st Choice Homes Realty 2021 Midwest Rd Ste 200 Oak Brook, IL 60523 Serving the metro suburbs of Chicagoland IL

 

REALTORS for all the seasons of your life.  1st time home buyers just starting out, executives, busy professionals, downsizing, retiring, we can handle the simpliest to the most complex and expensive properties.  We are your trusted real estate agents serving the suburbs in metro Chicago IL

For all the seasons of your life.

We are your trusted suburban Chicagoland REALTOR® Consultants

"Working with a servant heart for your best interest."

   

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Real Estate Agency in Illinois -

what you NEED to know.

Agency Disclosure...

Know who your legally designated agent is?

Who is, will be, or should be representing you?

What type of agency relationship do you have?

It must be in writing, is it?

 

Buyers agent, sellers agent, dual agent, single agent, sub-agent, agency, dual agency, what does it all mean, how does it work, and who represents you?

 

Are you a client, customer, or consumer?

Is there a difference?

You betcha!  A HUGE difference!

 

Hopefully, this will answer some of your questions - or at least let you know what questions to ask of any agent you're working with to buy or sell property.

 

One thing I've noticed when I'm on the internet is how differently agency is explained and the various statements made concerning agency.  Here are some examples:

 

One site says, "All agents represent the sellers."   (called Sub-Agency)  This statement implies this is nationwide,  not true.  Not allowed in Illinois any more.

Another says, "They only represent sellers."    (called Exclusive Sellers Agency)

Another says, "They only represent buyers."    (called Exclusive Buyers Agency)

Another says, "They can represent buyers and sellers."   (called Dual Agency)

Another says, "They represent the person they are working with - buyer and/or seller." (called Designated Agency)

Another says, "The same agent can represent both the buyer and seller at the same time."  (called Dual Agent). This must be in writing, from the beginning, with the written acceptance of this type relationship between all parties - sellers, buyers, and agent

Another says, "We will help the seller and buyer put the sale together, without representing either party. (called Transaction Agency or No Agency Agreement)

 

This is why you should read our Internet Warning!

 

And, guess what!  Even though they may seem to be saying exactly the opposite from each other, they all may be accurate statements.  Hmmm....?  Confused?  How is this possible you may ask.  Here is some general information, if you want or need more specifics, contact legal counsel for advice and guidance for your area, for your situation and even though an agent is supposed to discuss their agency policy at first significant contact, if they don't you need to ask them what their policy is for agency and who they will be representing - BEFORE you disclose confidential information to the agent.

 

Agency does have some federal laws which apply.  Additionally, each state can individually have their own laws pertaining to agency, and some state's give the individual real estate s a choice of which type of agency policies it will practice (as it does in Illinois). Now does it make some sense?  To simplify - agency is controlled by the federal government, then the state government, then it breaks down to policy.

 

Based on this information, you can have a real estate that says:

* we will work only with buyers - they exclusively practice buyers agency; and all agents are buyers agents.

* another that says we will work only with sellers - they exclusively practice sellers agency; they only take property listings and work with sellers.

* another that says we will offer sub-agency - all agents represent only the sellers - regardless who the agent is working with, even if it's the buyer - by the way, sub-agency is not allowed in Illinois any longer;

* another can offer dual agency - the has some agents who will be representing sellers and some agents who will be representing buyers; and each individual agent may represent sellers and the same agent may also represent buyers; each agent represents whomever they are working with, regardless if they are the buyer or seller). 

* where an allows dual agency, if an agent has a property listed for sale and that same agent is also working with a buyer who wants to buy the property they have listed, then with the written, informed, consent of all parties, that agent is a dual agent - where the one agent represents both the seller and the buyer.  An agent will have be be neutral between all parties and cannot reveal confidential information to either party about the other party involved in the transaction without written permission to do so in order to be a dual agent.  An agent will be somewhat limited by what they can do.  But the agent should present the pros and cons to you as it applies to your situation based on what one party wants to do.  Then it's your decision to accept it, counter it, or altogether reject it.

 

Now, if you want to get any deeper than this, please call your attorney for a thorough explanation. Allow me to give you the scenario for me and my specifically, and in accordance with Illinois laws pertaining to agency.

 

 

Illinois State Law

Agency Representation

Our Policy

 

As a consumer, I have to notify you in writing at first significant contact that disclosure of confidential information to me could create a designated agency relationship, whether intended or not.  I also have to let you know who I represent, if any one, at first significant contact.  You will also be asked to sign a receipt acknowledging this written disclosure for everyone's records. We are required by law to have this on file should we ever be audited for compliance to the laws governing our industry.  To answer very general real estate questions, it creates nothing more than a non-binding, lawful broker-consumer  relationship between us.

 

So, if you are not ready to become my client where I would represent you, please do not disclose confidential information (divorce, relocation, motivation to sell and/or buy, financial information, property specifics, price range, or anything else that could affect your negotiating power, etc.) to me.   


Until then, I can give you information and answer questions like: describing our brokerage services and fees charged; give you information about prices and locations of a properties; answering questions about a property; set an appointment to see property.


Current (Illinois) state law presumes the licensee represents the consumer they are working with (buyer or seller), unless you have a written agreement stating a different type of relationship has been created


If you are a seller, I represent you as your legally designated agent, according to the terms of our mutual listing agreement contract.


If you are a buyer, once you begin telling me the type of property you want and I respond by letting you know what types of properties are available, I am no longer performing "ministerial acts" whereby you are merely a consumer, by our actions you then become my client.


This office has chosen to allow dual agency, where it will be up to the individual agent to decide if they want to work with sellers, buyers, or both.  My also allows an agent to be a disclosed (in writing) dual agent, where the agent represents both the seller and the buyer in the same transaction.  When you meet with your agent the time, you'll review your representation options and things will be clearly explained so you can confidently make your choices.


Also, I can work with many sellers and buyers simultaneously, and so can other agents in my .  Sometimes, I and/or one of the other agents from my may have another client interested in buying the same property as you, and sometimes multiple offers do occur.  Each offer is presented to the seller/sellers agent for review and their decisions are made known to the parties involved.  Everyone is treated fairly and honestly.

 

In all cases, regardless who we represent, we are required to treat all parties to a transaction fairly and honestly - subject to confidentiality limitations,  and to disclose any material defects we are aware of to the other party.  If an agent becomes aware of the sellers or buyers inability to perform according to the contract terms, this becomes an adverse material fact that must be disclosed in writing to the other party.  This duty of disclosing adverse material facts overrides the duty of confidentiality.  

 

Some Definitions:

Agency - Any relationship in which one party acts for or represents another.

Buyers Agency - An / agent who chooses to represent only buyers.

Sellers Agency - An / agent who chooses to represent only sellers.

Dual Agency - Where an will allow each agent to represent sellers, buyers, or both.

Sub-Agency (No longer allowed in Illinois) - Where an agent indirectly represents the same client as another agent, usually the seller, even if the sub-agent is working with the buyer, who would be considered a customer.  The sub-agent owes his loyalties and responsibilities to the client only. 

Dual Agent - An agent who represents equally both seller and buyer in the same transaction, with the written, informed consent of all parties.

Designated Agent - In Illinois, the licensee who has direct contact with the buyer or seller is the ONLY agent considered to be the legal designated agent of that buyer or seller, as named by the broker in accordance with policy.

Client - The person who is being represented by a licensee (agent), unless there is a written agreement between the agent and the consumer providing for a different relationship.

Customer - A consumer who is not being represented by a licensee but for whom the licensee is performing ministerial acts (i.e. answering general real estate questions about properties, areas, etc.  Please note: once the customer starts detailing his/her search criteria, price range, etc. that customer then becomes a client of the agent.  So if you do not want to create an agent/client relationship, do not disclose specific information to the agent.)

Consumer - A person or entity seeking or receiving real estate general brokerage services.

 

 

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Real estate, realtors, search for homes in Oak Brook, Hinsdale, Western Springs, LaGrange, Burr Ridge, Clarendon Hills, and other MLS areas of suburban Chicago IL.

 

 

Brought to you by the trusted and respected real estate consultants at:

 

1st Choice Homes Realty 2021 Midwest Road Suite 200 Oak Brook IL 60523

2021 Midwest Rd, Ste 200
Oak Brook, IL 60523

630.495.2888

By Appointment Only

REALTORS, MLS MEMBERS, EQUAL HOUSING OPPORTUNITY

 

 

 

 

We Respect You!

Illinois Real Estate Licensees serving the suburbs of metro Chicago, IL. 
Award winning experience since 1985.
We listen carefully to save you time and money.
Hire us and consider it done. family owned and operated
 
We are determined to be your 1st Choice for real estate services to earn
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 This site was last updated 06/24/08

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We look forward to helping YOU!

 

   

 

 

Honest, trustworthy, caring, hardworking REALTORS serving the real estate needs of home, condo, townhomes, apartment building, vacant land, and commercial property sellers and buyers in the communities of Burr Ridge, Clarendon Hills, Countryside, Darien, Downers Grove, Elmhurst, Elmwood Park, Glen Ellyn, Hickory Hills, Hinsdale, Indian Head Park, La Grange, LaGrange Highlands, La Grange Park, Lombard, Naperville, North Riverside, Oak Brook, Oakbrook Terrace, Oak Park, Orland Areas, Palos Areas, River Forest, Riverside, Tinley Park, Villa Park, Westchester, Western Springs, Wheaton, Willow Springs, Willowbrook and other suburban MLS communities of metro Chicagoland Illinois.  Serving most of suburban Cook County (generally west of Central Avenue), all of DuPage County and Will County in northeast IL.  If you are selling or buying in suburban Chicago, give us a call.  We will strive to exceed your expectations.

 

 

 

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