Illinois Agency

 This is a short outline of Agency. For complete details, contact your agent.

When one or more agents are hired to act on behalf of another person, an agency relationship is created. The relationship may be created in several ways; oral, written, or implied. The person hired is the agent, and the person who selects the agent to act on his or her behalf is the principal.

In Illinois, agents owe the principal certain fiduciary statutory duties, including trust, confidentiality, and loyalty.

Buyers and Sellers have several options regarding agency representation, and it varies from state to state.

Buyers Agency

This is an agency relationship between the buyer and the agent. The agent is working on behalf of the buyer, owes all duties of loyalty and disclosure to the buyer, and can provide a market analysis, financing information, and assist in negotiating and closing procedures.

Sellers Agency

When a seller signs a listing contract with a real estate broker, an agent will be designated to perform services relating to the real estate.  The services typically involve selling or renting real estate the principal owns. The terms of the listing are agreed to in the contract. The agent is working on behalf of the seller and owes all duties of loyalty to the seller.

Dual Agency

Illinois allows dual agency. The buyer and seller are both represented by the same agent. The agent owes both parties loyalty and confidentiality.  This type of agency requires written permission from both buyer and seller. 

The role of the agent will be limited and sellers and buyers will have to act on their own for negotiating terms of the purchase price.

Again, please contact an attorney or your agent for complete Agency details.