Industry changes in effect for Illinois Realtors

ILLINOIS (25News Now) – In an open letter to consumers, Illinois realtors want homeowners to know new industry standards.

Two changes were on the focus of the open letter. The first change will require a written agreement with realtors detailing the broker’s work, pay, and rate of compensation, and the second state’s brokers are now required to include shared compensation information in writing or privately on their websites.

The Peoria Area Association of Realtors CEO, Jenna Hamm said buyers will not view a home with their agent until they sign a buyers agreement.

“Buyers will have to be very diligent in the homes they want, and with the terms they’re looking at to purchase a home. The buyers will submit an amendment to our purchase agreement,” said Jenna Hamm.

The changes will be in effect on August 17th. For the full details, you can click on it here.

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