Agency is something VERY overlooked in real estate. It doesn't merely apply to an office or company as in, "so and so is working for the town's top real estate agency" (like it's a modeling agency or something).
It (agency) clearly defines who we, as real estate salespeople/brokers, are representing; be it buyers, sellers or both.
*Agency is a legal framework that allows a person to act through a representative.
*Common examples include:
- An attorney representing you in a business transaction.
- A stock broker buying and selling investments on your behalf.
- A real estate broker assisting you in buying, selling or leasing real estate.
*Under the Illinois Real Estate License Act of 2000 your real estate agent (not ALL are REALTORS) will owe you certain statutory duties that are similar to fiduciary agency duties.
Designated Agency in Illinois Real Estate Transactions:
- An arrangement where one or more agents from a real estate brokerage company are appointed as your legal/designated agent.
- You will be presumed to be represented by the real estate agent you are working with unless you have a written agreement otherwise.
- Other associates in the brokerage firm may be designated agents for other buyers or sellers and may be the legal agent of the opposite party in your transaction.
- Even though your brokerage agreement will be with the real estate company, you will have a designated agent(s) to act on your behalf.
This is part one of a five part series on The Consumer's Guide to Real Estate Agency in Illinois.
