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Illinois State FormCONTEMPORANEOUS OFFERS DISCLOSURE I , ___, a broker (referred to as Broker) with ___ (Brokerage Company), is acting as the Designated Broker for more than one prospective buyer

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How to fill out contemporaneous offers disclosure

01

Identify the parties involved in the offer.

02

Gather all necessary information about the offered terms.

03

Clearly state the date and time the offer is made.

04

Detail the specifics of the offer including price, conditions, and deadlines.

05

Indicate any relevant market comparables or influences.

06

Ensure that all parties have signed the disclosure where required.

07

Keep a copy of the disclosure for your records.

Who needs contemporaneous offers disclosure?

01

Real estate agents and brokers.

02

Buyers and sellers involved in real estate transactions.

03

Financial institutions providing loans related to the offers.

04

Regulatory bodies overseeing real estate practices.

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What is contemporaneous offers disclosure?

Contemporaneous offers disclosure is a regulatory requirement that mandates the disclosure of offers made by a company to potential buyers in a specific timeframe, providing transparency in the pricing and selection process.

Who is required to file contemporaneous offers disclosure?

Generally, companies engaged in specific types of transactions or those that meet certain regulatory thresholds are required to file contemporaneous offers disclosure.

How to fill out contemporaneous offers disclosure?

To fill out contemporaneous offers disclosure, entities need to provide detailed information about the offers made, including dates, amounts, and terms, according to the prescribed format provided by the relevant regulatory agency.

What is the purpose of contemporaneous offers disclosure?

The purpose of contemporaneous offers disclosure is to ensure transparency, prevent unfair business practices, and allow regulators to monitor compliance with pricing regulations.

What information must be reported on contemporaneous offers disclosure?

Information that must be reported includes the details of the offers made, including date, price, terms, and identity of the parties involved in the transaction.

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