Apr. 20, 2006 - More Commission Stuff

In keeping with the train of thought that "Commission" is my second most popular category, here is more commission stuff. Today I will give you some Illinois law concerning commissions.

In Illinois only a licensed broker may collect a commission. In order to do that, a licensed broker must be hired by having a listing agreement in which the seller agrees to pay a specified commission. The percentage or dollar amount of commission must be clearly expressed in the listing agreement.

A commission is usually considered to be earned when the work for which the broker was hired has been accomplished. In Illinois, this means that the listing broker generally is entitled to a commission after procuring a full-price offer with no contingencies from a buyer who is ready, willing and able to buy on the seller's terms as set forth in the listing. Courts may prevent the broker from receiving a commission if the broker knew the buyer was unable to perform. When terms other than those offered by the original listing are agreed to as indicated by a contract of sale signed by both buyer and seller, the broker is entitled to a commission.

Now dear readers, if I continue to post this kind of stuff will you still visit my blog?

I am willing to bet the readers who have made commission my #2 category did not have text book lessons in mind. Do not fret though, my friends. Just keep following along and I guarantee you will be rewarded with a great rant when I tie it all together. 

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.