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ILLINOIS ASSOCIATION OF REALTORS DISCLOSURE OF CONTEMPORANEOUS OFFERS an agent hereinafter referred to as Designated Agent with acting as Designated Agent for more than one prospective buyer or tenant who the Designated Agent has reason to believe are making or preparing to make contemporaneous offers to purchase or lease the property located at. street address or description of property. At this time buyers/tenants have the option of being referred to another designated agent who will serve as the agent for buyer/tenant. Buyer elects choose one of the following to remain with Designated Agent identified above notwithstanding that another client of Designated Agent may be making a contemporaneous offer to purchase or lease the real property identified above. to be referred to another designated agent who will act as agent for buyer/tenant in the making of an offer to purchase or lease the real property identified above. street address or description of property. At this time buyers/ten....

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Related content

Section 1450.830 Disclosure of Contemporaneous...
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30 ILCS 500/ Illinois Procurement Code.
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Contemporaneous offers occur when a licensee has two clients who are interested in purchasing or leasing the same property. In this situation, the licensee must provide written disclosure of the contemporaneous offers to all clients for whom the licensee is preparing or making contemporaneous offers or contracts.

When a designated agent represents two or more clients who want to make an offer to purchase or lease the same property or unit, and those offers will be considered by the seller or lessor at the same time, they're called contemporaneous offers.

When you have two buyers that want to write an offer on the same property, it is termed a "Contemporaneous Offer" situation and is very similar to a dual agency situation.

When there are multiple offers, the seller typically takes one of three actions: Accepts the most favorable offer. Counters all offers to give everyone a chance to come back with a better bid in an effort to get the best price and terms. Counters the offer closest to the price and terms the seller's seeking.

So your Buyer X and Buyer Y want you to prepare offers on their respective behalves for consideration by the seller at the same time. If you have contemporaneous offers, the law requires you to provide written notification of the situation to your buyer clients before preparing the offers.

While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.

The law aims to resolve the conflict by defining contemporaneous offers as a circumstance where two or more clients of a licensee submit an offer on the same property that will be considered by the seller at the same time.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232