Seven New or Updated Forms & Contracts Now Available | Chicago Association of REALTORS®

Last week, we published seven new or updated Forms & Contracts on our website. These forms are also available in the DotLoop and DocuSign form libraries and will be available in MRED’s form library in four to six weeks. See below for details on these updates and additions.

Exclusive Right to Sell Listing Agreement

The Exclusive Right to Sell Listing Agreement has been updated based on member feedback and industry changes. The document has been reorganized, new options have been added such as pre-authorized price reductions, LockBox options, expanded education on Fair Housing and the option for sellers to opt-out of receiving buyer love letters. Find it under the Listing/Seller section.

Exclusive Buyer-Broker Agreement

The Exclusive Buyer-Broker Agreement has been reorganized as a guide for a more natural conversation to explain exclusive representation and its benefits before discussing Buyer-Broker compensation. The prior version had compensation as the 3rd paragraph and discussion point. This section has been expanded to accommodate various business models. Find it under the Buyer/Contracts section.

Listing Modification Form

This new form allows members to receive written direction from a seller or landlord to authorize price changes, listing agreement extensions, certain status changes in the MLS and mutual agreement to cancel a listing agreement. Find it under the Listing/Seller section.

Private Listing Status Authorization

This authorization form has been updated based on MRED’s policy changes which created a new Private Listing Status instead of a separate Private Listing Network. Find it under the Listing/Seller section.

For Sale/Rent by Owner Showing and Compensation Agreement

This form has been completely re-written for ease of use and understanding. It is also now a universal document for both for sale or for lease transactions where the seller/landlord does not have broker representation. Find it under the Listing/Seller, Buyer/Contracts and Rental sections.

Brokerage to Brokerage Cooperating Compensation Agreement

This new form allows for a mutual agreement on cooperating compensation between a listing brokerage and cooperating brokerage. It can be used to establish cooperating compensation if no such compensation currently exists, or to mutually agree to any changes to existing cooperating compensation. Find it under the Listing/Seller section.

Notice B – Authorization to Release Earnest Money

This revised form removes an unnecessary and often misleading section that made it seem that a Managing Broker’s signature was required for the release of earnest money. It simplifies the intended purpose, releasing earnest money when directed by the parties, and brings the form in alignment with other releases of earnest money authorizations used in the marketplace. Find it under the Buyer/Contracts section.