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?
- Treat all clients honestly.
- Provide information about the property to the buyer or tenant.
- Disclose all latent material defects in the property that are known to the licensee.
- Disclose financial qualifications of the buyer or tenant to the seller or landlord.
- Explain real estate terms.
- Help the buyer or tenant to arrange for property inspections.
- Explain closing costs and procedures.
- Help the buyer compare financing alternatives.
- 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?
- Confidential information that licensee may know about a client, without that client’s permission.
- The price or terms the seller or landlord will take other than the listing price without permission of the seller or landlord.
- The price or terms the buyer or tenant is willing to pay without permission of the buyer or tenant.
- A recommended or suggested price the buyer or tenant should offer.
- 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.