Understanding Buyer Representation in Illinois
What does it mean to have a real estate agent represent you?
Buying real estate involves more than finding the right property. From evaluating a home and preparing an offer to navigating inspections, attorney review, financing, appraisal, and closing, there are a lot of decisions along the way.
A buyer's agent represents your interests in the transaction and helps you understand your options, responsibilities, and the steps ahead.
What Does a Buyer's Agent Do?
Your agent is there to help you navigate the transaction from the beginning of your search through closing. Depending on your needs and the transaction, that can include:
Helping you identify and evaluate properties
Providing access to property and market information
Scheduling and coordinating showings
Reviewing comparable properties and market conditions
Helping you determine an appropriate offer strategy
Preparing and presenting offers
Negotiating price, terms, credits, and other contract provisions
Coordinating with your attorney, lender, inspector, and other professionals
Helping you navigate inspection, attorney review, appraisal, and financing milestones
Tracking important dates and contractual deadlines
Helping resolve issues that arise before closing
Attending the final walkthrough and helping prepare you for closing
The goal isn't simply to help you find a property. It's to help you make informed decisions throughout the process.
Why Do I Need a Buyer Representation Agreement?
A buyer representation agreement establishes the relationship between you and your brokerage. It spells out important details such as the services the brokerage will provide, the length and scope of the agreement, your responsibilities as a buyer, and how the brokerage may be compensated.
Written buyer agreements also help make expectations clear before you begin working together or touring properties.
The agreement should be reviewed with you, and you should have an opportunity to ask questions before signing.
How Does Buyer-Agent Compensation Work?
Real estate brokerage compensation is negotiable.
Your buyer representation agreement will explain how AED Realty is compensated for representing you. Depending on the transaction, some or all of that compensation may be paid by the seller or seller's brokerage, negotiated as part of your purchase offer, or paid directly by you.
The important thing to understand is that seller-paid compensation is not guaranteed.
Before making an offer, we'll discuss any compensation being offered in connection with the property and how it relates to the compensation established in your buyer representation agreement. If there is a difference, we'll discuss your options before you decide how to proceed.
Does Signing an Agreement Mean I'm Locked In?
Your agreement will specify its duration, geographic or property scope, compensation terms, and any provisions regarding termination.
That's why it's important to understand the agreement rather than simply signing it.
At AED Realty, we want you to know what you're agreeing to, what you can expect from us, and what we'll expect from you.
When Do I Need to Sign?
If you're simply researching the market or learning about the buying process, you don't need to rush into an agreement with AED Realty.
However, a written buyer agreement generally needs to be in place before we tour a property together. We'll review the agreement and answer your questions before asking you to sign it.
What If I Find a Property on Zillow, Realtor.com, or Another Website?
That's completely fine.
You aren't limited to properties you find through AED Realty. If you see something that interests you, send it to us. We can look up the property through the MLS, review the available information, and arrange a showing when appropriate.
You can also search properties directly through AEDRealty.com, which receives listing information from the MLS.
Your Representation Should Be Clear
You should know who represents you, what services you're receiving, how your brokerage will be compensated, and what responsibilities you have under your agreement.
That's what buyer representation is ultimately about: establishing a clear professional relationship so you have someone working on your behalf throughout the transaction.
Ready to Start Your Search?
Whether you're ready to begin touring properties or just want to talk through what buying might look like, we can start with a conversation and build a plan from there.
This information is provided for general educational purposes and is not intended as legal, tax, or lending advice. Real estate transactions and individual circumstances vary. Consult the appropriate licensed professional regarding your specific situation.