What is Dual Agency in Illinois?

Dual Agency is allowed in Illinois. Dual Agency is a type of Agency Relationship where there is one Realtor who remains neutral while facilitating a real estate transaction and owes confidentiality to both parties. For Dual Agency to take place, both parties and the Realtor must agree in writing. 

What can a Realtor do for a client when acting as a Dual Agent?

1. Treat all clients honestly.
2. Provide information about the property to the buyer or tenant. 
3. Disclose all latent material defects in the property that are known to the licensee. 
4. Disclose financial qualifications of the buyer or tenant to the seller or landlord. 
5. Explain real estate terms. 
6. Help the buyer or tenant to arrange for property inspections. 
7. Explain closing costs and procedures. 
8. Help the buyer compare financing alternatives. 
9. Provide information about comparable properties that have sold or leased so both clients may make educated decisions on what price to accept or offer

What a Realtor can not disclose to clients when acting as a Dual Agent?

1. Confidential information that licensee may know about a client, without that client’s permission.
2. The price or terms the seller or landlord will take other than the listing price without permission of the seller or landlord.
3. The price or terms the buyer or tenant is willing to pay without permission of the buyer or tenant.
4. A recommended or suggested price the buyer or tenant should offer.
5. A recommended or suggested price the seller or landlord should counter with or accept.

For more information on Dual Agency in Illinois and other forms of Real Estate Agency click HERE.