Legal Question in Real Estate Law in Illinois

Is it legal to have a Real Estate Agent do the transaction part of an Assignment of Contract deal for a Buyer (investor) and still legally collect a fee from their End Buyer in Illinois? I would not do the transaction part, but would have a Real Estate Agent. What would the Real Estate Agent have to do to so they can legally do the transaction and the Buyer (Investor) collect their fee from the End Buyer in an Assignment of Contract deal in Cook County Illinois?


Asked on 2/18/15, 8:06 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Sure, but if you do not have a license, you could not collect a fee for such a transaction. The real estate broker would need to disclose his or her interest in and compensation from the transaction. You either need to get a real estate broker's license, or put your own money in the transaction and actually purchase the real estate.

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Answered on 2/18/15, 8:28 am


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