Agency Disclosure
No standardized form. When a licensee agrees to work as a designated agent for a buyer or seller, the licensee must supply the individual with a written disclosure explaining the designated agent relationship.
The required information can be mentioned in the brokerage agreement or in a separate document. Illinois REALTORS® have supplied the Disclosure of Designated Agency which is permitted for use in this circumstance.[1]
Dual Agency
Legal in Illinois. Real estate agents may only act as a dual agent with the informed written consent of each party. A consent agreement must be drafted by the agent and signed by the buyer and seller.[2]
Property Disclosure Statement
A property disclosure report must be completed by the seller and given to the buyer before the execution of a purchase agreement. However, if the seller has neither lived in the property nor managed the property, they are exempt from the property disclosure requirement.[3][4]
Search a Licensee
Search for the license information of a real estate agent in Illinois.