Minimum Service Requirements for Exclusive Brokerage Agreements

Sometimes your real estate agent will ask you to sign an “exclusive brokerage agreement.” This means that you are agreeing to work only with the real estate brokerage company and designated agent(s) named in the agreement to the exclusion of other real estate firms and agents.

If you are the seller, the contract will likely be called an “Exclusive Right to Sell” or an “Exclusive Agency Agreement.”

If you are the buyer, the contract will likely be called an “Exclusive Right to Acquire, Exclusive Right to Purchase” or “Exclusive Buyer Agency Agreement.”

Illinois law (Public Act 093-0957) requires that minimum services are provided to consumers by licensed real estate agents when the home buyer or seller has signed an exclusive brokerage agreement for professional services. The minimum service law is designed to protect the home buyer or seller and require that, at a minimum, these services must be provided:

1) Accepting and presenting offers and counter-offers

2) Assisting you in the preparation of offers, counter-offers, etc.

3) Answering your questions related to negotiations in a real estate transaction