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“Should I buy or rent?” You’ve pondered over that question since the last newsletter and made the decision to buy. What next? A myriad other questions await you. Where do you begin?
 The first step in the process is selecting an agent/company to work with. Interview a few agents and evaluate their competence, their willingness to help you make an appropriate selection, and ability to be a guide/counselor in the whole process.
An understanding of Agency law is in order. In the state of Illinois, there are four possible agency relationships. They are Designated agency, Buyer agency, Seller Agency and Dual agency.
 Under Designated agency, one or more agents in a company is assigned to you as “Designated Agent” whether you’re buying or selling Real estate. Other sales agents in the brokerage firm may be the legal agents of other buyers and sellers. The only agent/agents owing you statutory duties are those designated as your legal designated agent.
Since January 1995, a new Illinois law took effect changing the traditional consumer-broker relationship. In the past, buyers of residential real estate worked with real estate brokers on a non-agency basis. In other words, the agents only represented the seller and not the buyer. But now, it’s presumed that the agent you are working with is your designated agent. A buyer’s agent will not only help you find a home but will also provide financing information, assist you in determining your price range, and assist you in facilitating the closing
 Typically, the buyer and the agent will enter into a written brokerage agreement. This agreement will identify your designated agent, define the scope of your agent’s authority and will spell out contractual rights and duties between you and the designated agent.
When you have a home to sell and hire an agent/company to represent you in marketing your home, only that particular agent in that company represents you as a seller’s agent. Other agents, even from the same company do not represent you and may in fact, potentially represent the buyer of your home.
 In a dual agency situation, the buyer and seller are represented by the same agent. In this scenario, there are certain statutory duties that are imposed upon the agent. The agent is not permitted to disclose confidential information of one party to the other party. While a buyer’s agent is permitted to actively share opinion of market value on any home you may be considering, a dual agent can merely provide you with data from which you would have to make your own inferences. That’s the salient difference between a buyer’s agent and a dual agent. Dual agency is only allowed with disclosure to and with the consent of both parties. You’ve selected an agent/company and the type of agency under which you’ll be represented. What is your responsibility to the agent?
Good communication is critical. The agent can do a good job of matching a property to your needs only if the agent understands your needs well. Next, be a loyal customer (irrespective of whether you’ve signed an exclusive buyer representation agreement or not). Any business relationship(any relationship for that matter) should ideally result in a ‘win-win’ scenario for all parties.
During the process of acquiring real estate, if at any time, you should feel that your interests are not being well represented, communicate this to your agent candidly. It may just be a lack of mutual understanding that may clear up with open communication. If you cannot remedy the situation, you’ll have to follow a process to revoke your agreement with your agent. The process would depend upon the nature of your agreement. You may seek legal counsel in this regard. | 
