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Illinois Law |
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On August 19, 2004 Rod Blagojevich signed a law stating
that all licensed real estate agents must provide
negotiation services. Royal Realty is in complete compliance
meaning that we will assist you with the contract
negotiations when an offer is made by any realtor. We have
contacted the Office of Banks & Real Estate in Springfield
and they have indicated that any company & its agents that
do not negotiate realtor contracts are in violation of this
law and could lose their licenses.
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It is now more important than ever that you do not list
your home with a company that may result in your listing
being canceled without any warning.
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The following is the portion of Senate Bill 2887 that
explains the new law:
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In Sec. 15-75 “exclusive brokerage agreement” is defined.
All exclusive brokerage agreements must specify that the
sponsoring broker, through one or more sponsored
licensees, must provide at a minimum, the following
services: (1) accept delivery of and present to the client
offers and counteroffers to buy, sell, or lease the client's
property or the property the client seeks to purchase or
lease; (2) assist the client in developing, communicating,
negotiating, and presenting offers, counteroffers, and
notices that relate to the offers and counteroffers until a
lease or purchase agreement is signed and all contingencies
are satisfied or waived; and (3) answer the client's
questions relating to the offers, counteroffers, notices,
and contingencies. This is effective for all
exclusive brokerage agreements signed after August 19, 2004.
The failure of a broker to provide such services would
constitute a violation of the Real Estate License Act.
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Copyright 2003 - 2009 - Royal Realty, Inc.
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