Illinois REALTORS® Reduces Arbitration Fees for Residential Lease Commission Disputes

Today, Illinois REALTORS® announces its decision to reduce its deposit amount required to arbitrate (or mediate) commission disputes between REALTOR® members arising out of residential lease transactions administered by Illinois REALTORS®.

Illinois REALTORS® is reducing the initial deposit amount from $250 due from the Complainant, and $250 due from the Respondent to $100 due from the Complainant with the Respondent's fee being waived. The Respondent must participate in matters that are subject to mandatory REALTOR® arbitration per the terms of the National Association of REALTORS® (NAR) Code of Ethics and Arbitration Manual.

Mediation requests may also be entertained at Illinois REALTORS® over disputes involving residential lease transactions subject to the same $100 deposit from Complainant.

Requests for arbitration must be filed within 180 days after the "closing of the transaction" (which, in the case of a residential lease, would be upon signing or entering that lease), or within 180 days after facts constituting an arbitrable matter become known, whichever is later.

To be clear, this applies only to residential leasing commission disputes initiated at local associations administered by Illinois REALTORS® or covered under a Multi-Board Agreement where Illinois REALTORS® processes the matter.