Not-so Secret Agent Man Part Five...the end

This is the final segment in a five part series on The Consumer's Guide to Real Estate Agency in Illinois. The final part has to do with exclusive brokerage agreements.

Exclusive Brokerage Agreements

• Sometimes, your agent will ask you to sign an exclusive brokerage agreement this means that you are agreeing to work only with the real state brokerage company and designated agent(s) named in the agreement to the exclusion of other real estate firms and agents
• If you are the seller, the contract will likely be called an Exclusive right to Sell or an Exclusive Agency Agreement
• If you are the buyer, the contract will likely be called an Exclusive Right to Acquire, Exclusive Right to Purchase or Exclusive Buyer Agency Agreement
• Under an exclusive brokerage agreement, the designated agent(s) is required by the Illinois Real Estate License Act of 2000 to provide certain minimum services. These services generally include:
• ***Accepting and presenting offers and counteroffers
• ***Assisting you in the preparation of offers, counteroffers, etc. and
• ***Answering your questions related to negotiations in a real estate transaction

And that's about the bare minimum any agent could offer- service-wise. And if that's all you're getting from your agent, you may consider upgrading.