Real Estate

Because of a job change, retirement, or downsizing by empty-nesters, people need to sell their current Chicago-area home. Since the average person tends to move about 12 times during their lifetime, selling a home can be a routine, though stressful, occasion. Sometimes the sale is prerequisite to or contingent upon buying the next home. So a quick sale is preferred.

Self-Sell or Real Estate Agent?

Whether to sell a home yourself or to enlist the services of a licensed real estate agent is a question that should be resolved first. Those who choose to sell the property themselves have decided that their net return without the percentage commission of the realtor is a better deal.  Sometimes they already have an interested buyer in hand at the desired selling price and a real estate agent is unnecessary. In these cases, to construct the transaction and manage the extensive documents for a direct sale, the seller should enlist Chicago real estate attorneys to ensure that goals are met and the transaction is accurate and swift.

Role of a Real Estate Agent

If there is not a ready buyer, the greatest value of the real estate agent is in marketing and showing the home. Because of the broad network of realtors, the Multiple Listing Service (MLS) and other home sale networks, a prospective buyer can review any listed home in their price range in any community at any time.

To begin, you sign a listing agreement that includes a number of details of the agency relationship and  property disclosures. The seller and agent plan for future showings and agree upon the sales commission to be paid to the real estate agent at the closing.

Legal Responsibilities of the Seller’s Real Estate Agent

In a single agency situation, the seller’s agent is committed to obey all requests from the seller and be loyal to the seller’s best interest, no matter what the situation. The amount of commission to be received by the agent from competing offers should not compromise the seller’s best interests.

The fiduciary responsibility of the agent requires that they maintain strictest confidence about the seller’s situation whether it be personal, business-related, or financial. Violations of this trust should be reviewed with Chicago real estate attorneys.

Double-Agency Requirements

If the buyers’ agent works for the same company as the seller agent, a double agency situation occurs. This may suggest consulting Chicago real estate attorneys for advice.