• Skip to content
  • Skip to primary sidebar
  • Skip to footer

Slater Law Group, L.L.C

Real Estate Attorney In Chicago and Northern Illinois

Header Right

Email Us
(312) 861-0042
  • linkedin
  • Facebook
  • Twitter

Main navigation

  • Home
  • About
  • Real Estate Transactions
  • FAQs
    • Buyers
    • Sellers
  • Blog
  • Contact Us
  • Home
  • About
  • Real Estate Transactions
  • FAQs
    • Buyers
    • Sellers
  • Blog
  • Contact Us
Call
Contact
Blog

What’s Owed to You: The Legal Duties of Real Estate Brokers

Nearly all who buy or sell a home employ a real estate broker.  According to the Illinois Licensing Act of 2000, a real estate broker, as a fiduciary, will owe certain duties to a buyer/seller.  For those employing a real estate broker, a review of these duties may be beneficial.  These duties include:

Reasonable Skill and Care – For a real estate broker that represents a seller, this duty includes helping the seller determine a listing price, market the property, and help the seller assess offers.  It also includes helping the seller receive the highest possible price for the property (or best overall deal in light of the seller’s needs).  For a real estate broker that represents a buyer, this duty includes helping the buyer locate property, analyze the market, and suggest quality lenders, home inspectors, and other professionals.  It also includes helping the buyer achieve the lowest possible price for the property (or best overall deal in light of the buyer’s needs).

Loyalty – The duty of loyalty requires that the real estate broker place the interests of the principal (e.g., the buyer or seller employing the real estate broker) above all other interests. This duty requires that the real estate broker keep certain information about the principal confidential. For a seller, the real estate broker may not reveal that the seller is willing to accept less than the listing price, and for a buyer, the real estate broker may not reveal that the buyer is willing to pay more than the listing price. Further, the duty of loyalty prohibits a real estate broker from acting in his or her own self-interest. This means that the real estate broker must negotiate for the benefit of the principal and not for the purpose of receiving a potential commission from the transaction.

Accounting – The duty of accounting requires a real estate agent to account for all money and/or property, entrusted to the real estate broker, which belongs to the buyer/seller. For example, Illinois law requires that all fund entrusted to a real estate broker be deposited in a separate escrow account.

Obedience – This duty requires that the real estate broker obey the instructions of the buyer/seller, so long as the instructions are not unlawful or unethical.

Disclosure – Under this duty, the real estate broker is obligated to disclose all relevant and material information to the buyer/seller, such as information affecting the value of the property.

If you have questions regarding the rights and obligations owed to you by a real estate broker, contact the experienced real estate attorneys at Slater Law Group, LLC. today.

Filed Under: Real Estate Tagged With: Chicago real estate attorneys, Chicago real estate lawyers, Illinois real estate attorneys

Primary Sidebar

The Slater Law Group, L.L.C.

James Slater, Esq.
james@slaterlawllc.com

Phone: (312) 861-0042

414 North Orleans St.
Suite 210
Chicago IL 60654

Map & Driving Directions

Archive

  • September 2019
  • August 2019
  • October 2014
  • July 2014
  • May 2014
  • February 2014
  • January 2014
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013

Footer

B. James Slater, Esq.

414 North Orleans Street
Suite 210
Chicago, Illinois 60654
Phone: (312) 861-0042
Email : james@slaterlawllc.com

Contact Us

Recent Posts

What Information Must I Provide the Buyer About the Condominium Association?

How Are Assessments Pro-Rated?

I Own a Condominium As an Investment. What Are My Duties To My Tenant?

Copyright © 2023 · Slater Law Group, L.L.C · Disclaimer