1. Location of Properties; Compass’s Services; Client’s Designated Agent

This section specifies the agent you will work directly with, and the area where you are looking to acquire property. Occasionally, another agent may need to fill in for your agent (for example, if your agent has a conflict for a showing). We will always give you notice of this! Your agent is responsible for:

• Representing your best interests

• Identifying and showing homes that meet your criteria

• Helping you understand similar sales in the area to assist with your offer price

• Writing contracts on your behalf

• Negotiating on your behalf 

• Keeping your confidential information private

• Disclosing the amount of compensation Compass will receive upon a successful purchase or executed lease

• Helping coordinate the transaction

This section also includes a disclaimer that your agent is not an expert on matters related to your inspection, survey, title search, and more. We strive to be as knowledgeable as possible, but ultimately lean on our vendor partners – like your attorney and licensed inspector – for their expertise.

2. Client’s Duties and Commitment to Agent

This section outlines what you are responsible for: 

• Providing your agent with your search criteria and considering properties sent to you. 

• Working only with your designated agent when submitting offers. 

• Provide relevant personal information to your agent. In practice, this will mean providing your agent with a pre-approval letter before starting showings or a proof of funds statement if you intend to purchase a home with cash. 
  

3. Compass’ Duties

Your agent must follow the duties outlined in the Illinois Real Estate License Act of 2000. 

4. Compensation

This section outlines how your agent is paid. Historically, sellers have offered a compensation percentage on each home to be paid to whichever brokerage represents the buyer. 

• Commission: The Everett Group’s buyer representation fee is 2.5%, plus an additional $495 that is paid directly to Compass. This percentage is paid to the brokerage, and a portion of it is shared with your agent. When writing an offer on your behalf, we will first find out if the seller is offering a commission upfront. If they aren’t offering a commission or the offered commission is less than 2.5%, we’ll talk through your options! We can negotiate that the seller pays through a closing cost credit, or you can pay The Everett Group directly.

• Protection Period: If your agent introduces you to a particular property that you go under contract within a certain amount of days after this agreement ends, Compass is still owed commission. However, if you cancel this agreement and sign a buyer-broker agreement with another agent, this does not apply. 

• Lease Commission: This section defines compensation owed to The Everett Group if you are searching for a rental instead of a purchase, and in the event that the landlord does not offer compensation to the procuring brokerage.  
  

5. Retainer

The Everett Group does not charge a retainer fee. 

6. Term

This section defines the length of this buyer-broker agreement. Also, you’ll see here that The Everett Group does not charge a termination fee. 

7. Other Buyers/Lessees

Your agent will be working with other clients, and may even show the same property to multiple clients. Rest assured, we will never disclose your offer or intention to other clients. 

8. Disclosure and Consent to Dual Agency

This section outlines dual agency. Dual agency is a situation where a single agent is representing both the buyer and seller of a particular property. If your agent is representing both the buyer and seller, they will notify you ahead of time and obtain written consent from all parties.

When acting in a dual agency situation, your agent is still responsible for treating all parties fairly, providing information about the property, sharing comparable properties to assist with price decisions, and more. Your agent is not permitted to disclose confidential information about either client, disclose the price that the client is willing to offer or accept, or recommend a price for the client to offer or accept.

If you do not wish to enter into a dual agency relationship, you can decline by initialing next to the “No” line. If you decide to offer on a property that your agent is representing, we can appoint another agent from The Everett Group to represent you, and that agent would be able to recommend a price for you to offer. We can always revisit this decision if and when it comes up.

9. Fair Housing Act

This section outlines the local and national fair housing laws that your agent will follow.

10. Indemnification

You will hold Compass and your agent harmless against any claims or litigation based on incorrect information supplied by you or compensation due Compass. 

11. Limitation of Liability

Compass’s liability is limited to the amount of compensation received. 

12. Authority

You are able to enter into this agreement. 

13. Dispute Resolution

If there are any disputes relating to this agreement, an arbitration following the rules of the American Arbitration Association will be facilitated. 

14. Wire Fraud

This section contains important safety reminders related to wiring funds. We always recommend you verbally verify wire instructions via an independently-sourced phone number with the intended recipient before wiring funds. 

15. Miscellaneous

This section contains some boilerplate legal language: 

• This agreement represents the entirety of the buyer-broker agreement

• This agreement also applies to any heirs or executors. 

• If this contract has any additions, they must be signed by all parties.

• This contract is governed by Illinois state law.

• This agreement can be signed via electronic signature.

• This agreement was agreed to by all parties.

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