As of January 1, 2025, The Illinois Real Estate License Act was amended, which brought several huge changes into Illinois Law as it relates to Commercial Real Estate. All licensees in the State of Illinois must now have a written brokerage agreement for all clients and all transaction types. This includes when working with a seller, buyer, landlord, tenant or investor and includes residential, leasing, commercial, and property management transaction types. The amended license act also requires that brokerages disclose in their written agreements, whether on the seller/landlord side or buyer/tenant side, all amounts of compensation they will charge their own clients and any amounts they might pay to other cooperating brokers in transactions.
New Laws Affecting Commercial Buyers & Renters
