Q: Can the unlicensed owner of an IL real estate brokerage sign listing and commission agreements or must managing broker?
The one attempted answer here doesn't address the question. Hopefully the following makes it more clear: The brokerage is owned by a person not licensed in Illinois. He wants to sign the agreements on behalf of the brokerage rather than have the managing broker sign agreements such as exclusive listing agreements and commission agreements. I'm actually the managing broker and want to check if this okay by law and if there's a way I can approve the owner sign.
A: Yes, it is possible to list real estate by owner. That said, I would highly recommend consulting with an attorney prior to doing so. An attorney will ensure that the contract protects your interests, and will also assist you with the entire sales process, drafting necessary closing documents such as the deed, bill of sale, and affidavit of title. In addition, many of us will represent you for a flat fee of only a couple hundred dollars, and will ensure the closing is handled properly and efficiently, saving you a great deal of time and money in the long run.
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