Leases, Notices & Settlements

Illinois REALTORS® Legal Hotline Attorney Vicki Munson highlights several issues currently impacting real estate professionals:

Florida 40-Year Listing Contracts
A Florida court has officially ordered the termination of controversial 40-year listing agreements, where homeowners signed away listing rights in exchange for a cash payment. The brokerage involved is now complying with the court's directive to end those contracts.

Agency & Unrepresented Buyers
Vicki addresses a frequent hotline question: Do I have to show my listing to an unrepresented buyer? Her guidance: always begin with your duty to your client, the seller. If you proceed, provide the required Notice of No Agency, apply screening policies fairly, and always follow personal safety protocols.

Commission Lawsuit Settlements
A final approval hearing is scheduled in the Gibson and Kiel commission lawsuits. Fifteen brokerages have agreed to monetary settlements and business practice changes similar to those seen in the Sitzer-Burnett case.

For ongoing updates and legal resources, visit: IllinoisRealtors.org/legal