At the end of 2024, Illinois REALTORS® reviewed its current forms library and made necessary revisions. Here is a summary of the recent changes to our forms library:

• Based on feedback from our members, we have removed the border from the brokerage agreements and the form is now a black and white document.
• We have deleted the Indemnification paragraph from all of our brokerage agreements. A fully executed contract should be enforceable by the parties to the contract.
• The cooperating compensation option has been removed from the Exclusive Right to Sell Contract (with and without Dual Agency Consent) and the Exclusive Seller Representation Contract (with and without Dual Agency Consent). The compensation section calls for the seller to pay the listing broker only, with no option for authorizing the listing broker to offer Off-MLS compensation to the buyer’s side cooperating broker. This option is still allowed, but within discretion of each seller and their own listing broker.
• All the updated brokerage agreements will also be translated to Mandarin, Chinese and Spanish versions and made available shortly.
• The Sample Office Policy Manual and Agency Compliance Manual were updated to reflect the requirement to have written brokerage agreements, so that is where you will see changes.
• Form 341T Non-Exclusive Tenant Representation Agreement is a new sample form to assist members in complying with the Real Estate License Act requirement to have a written brokerage agreement when working with a client, including tenants/renters. This form was drafted in response to a request from many of our members for such a document. If you represent the landlord only and not the tenant, give a Notice of No Agency to an unrepresented tenant.
• Form 349 (Disclosure of Buyer’s Designated Agent) has been removed from the library. This document was useful when the minimum requirement under license law was to provide written notice to the buyer advising of their designated agent. As of January 1, 2025, written brokerage agreements are required which should include the notice of designated agent.
• A new Form 349B, also titled Disclosure of Buyer’s Designated Agent, has been added to the library for possible use during a buyer broker presentation. Please note that this is NOT a brokerage agreement, but lets the buyer know that even if you don’t ultimately enter a buyer brokerage relationship, you will protect information learned during your meeting. This is analogous to a listing presentation.
• Form 423 Disclosure of Potential Flooding in Rental and Lease Agreements is a new form to comply with the latest amendment to the Illinois Landlord and Tenant Act.