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Seller Agency
It is important that you know the differences between a professional who represents you, the SELLER, a professional who represents the buyer, and one who represents both. Real estate professionals are now legally obliged to disclose, in writing, information on the various types of real estate agency relationships that exist.

Types of Agency Relationships

• Seller's Agent - A real estate professional becomes a Seller‘s Agent by entering into a listing agreement to represent the seller‘s interests. Seller representation may also be created when a real estate professional shows a property on the Multiple Listing Service and "buyer agency" has not been created. The Seller‘s Agent can provide information to assist the buyer, but they must place the interests of the seller first. A buyer should not disclose anything to the Seller‘s Agent they do not want the seller to know.

• Buyer's Agent - A real estate professional becomes the Buyer‘s Agent by entering into an agreement to represent the buyer. A Buyer‘s Agent can assist the seller, but does not represent the seller. The Buyer‘s Agent must place the interests of the buyer first. A seller should not tell the Buyer‘s Agent anything they would not want the buyer to know, because the Buyer‘s Agent must disclose any pertinent information to the buyer.

• Disclosed Dual Agent - Disclosed Dual agency occurs when a real estate professional represents both the seller and the buyer. It can also occur when the Listing or Seller‘s Agent works for the same real estate firm as the Buyer‘s Agent. In Illinois, the buyer, the seller, and the Agents must agree in writing for the creation of disclosed dual agency. The Disclosed Dual Agent is required to treat the buyer and seller honestly and impartially. In disclosed dual agency, the professional‘s duties are more limited and there is potential for conflict of interest. You may hear the terms "transaction broker" and "intermediary" in association with dual agency.

• Non Agency - In a non-agency relationship the real estate professional can perform only certain ministerial acts, such as showing the customer (note: not a client). In this non-agency relationship the real estate professional will not be acting in anyone‘s behalf. However, at some future time and prior to the submitting of an offer to purchase property, the relationship could change from a non-agency to an agency relationship, i.e. when a customer becomes a client. In a non-agency relationship you are a customer of the real estate professional, not a client.

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