Illinois Real Estate Documents

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Commonly Asked Questions about Illinois Real Estate Documents

What are the elements of a valid listing agreement?

To be legally enforceable, a listing agreement must satisfy four requirements. It must contain a property description, include a promise of compensation, specify a fixed figure for the compensation (either a percentage or a dollar amount), and be in writing and signed by the seller.

What are the requirements for a listing agreement in Illinois?

c) Written listing agreements, whether exclusive or non-exclusive, shall contain the following: 1) List price; 2) Agreed basis or amount of commission and the time of payment of the commission; 3) Name of the sponsoring broker and owners; 4) Identification of the real property involved (address or legal description);

What real estate disclosures are required in Illinois?

Illinois law requires sellers to disclose known defects, radon levels, and septic system conditions when selling as-is.

What information is needed for a listing agreement generally includes?

Elements to include in a listing agreement. Names, addresses, and contact information for both the owner and the agent. The period in which the property will be listed for sale. The listing price of the property. The type of listing agreement being entered into.

How do I get a copy of my real estate license in Illinois?

How to get a copy of your real estate license in Illinois? The IDFPR will no longer provide traditional paper licenses. Licensees may get a copy of their license(s) by going to .

What must a listing agreement do to be valid?

Among the elements of any valid listing contract are: In Writing. All real estate contracts must be in writing. Employment. The listing contract is a personal services contract between you and the broker. Compensation. For any contract to be valid, there has to be compensation. Title. Marketing and MLS Plan. Termination Date.