Illinois Real Estate Legal Documents

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Commonly Asked Questions about Illinois Real Estate Legal Documents

How do I get a legal description of my property in Illinois?

The legal description is commonly provided in a deed, mortgage, title commitment or other purchase document. It can also be obtained from a county recorder, tax assessor, or similar official.

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.

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.

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 Disclosure Requirements for As-Is Home Sales Material Defects. In regard to material defects, these are docHub problems that have the potential to impact the value or desirability of a property. Drinking Water, Septic Tanks, and Radon Levels. Local Ordinance Violations and Lawsuits.

Does Illinois require an attorney for real estate transactions?

When it comes to buying and selling property, Illinois is considered an attorney state. Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one.

What makes a listing agreement legally binding?

A listing agreement is a legally binding agreement between the seller and real estate agent or REALTOR, so all parties must sign it.

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.