| Item | Value |
|---|---|
| Is an assignment legal here? | yes |
| What the matrix says about it | Assignment is legal, but doing it as a PATTERN OF BUSINESS without a licence is not. 225 ILCS 454/1-10 (as amended by P.A. 101-0357) includes in the definition of 'broker' anyone who, whether for another or FOR THEMSELVES, engages in a pattern of business of dealing in contracts, including assignable contracts for the purchase or sale of real estate -- and defines 'pattern of business' as ONE OR MORE of those practices on 2 OR MORE OCCASIONS IN ANY 12-MONTH PERIOD. |
| Marketing rule the gate enforces | licence_required_above_one_per_12_months |
| What that means in practice | One unlicensed assignment per rolling 12 months. A second one in the same 12 months makes you an unlicensed broker. Licensees are also barred from paying compensation to an unlicensed person who is not a party to the transaction (225 ILCS 454/10-20). |
| What triggers a licence requirement | 2 or more assignment/contract-dealing transactions in any 12-month period (225 ILCS 454/1-10). |
| Written seller disclosure required? | yes |
| Basis for the disclosure | Contract term + 815 ILCS 505 Consumer Fraud Act. |
| Statutory wording required? | no |
| F5259 bucket | GO_WITH_CONDITIONS |
| Condition the gate enforces | Hard cap ONE assignment per rolling 12 months (225 ILCS 454/1-10). |
| Verification status | PRIMARY_STATUTE |
| Attorney review required before first use? | yes |
| Volume cap | 1 assignment(s) per rolling 12 months. Logged in the current window: 0. Remaining: 1. |
| Lead class | Verdict |
|---|---|
| land | GO_WITH_DISCLOSURE_CAPPED_1_PER_YEAR |
| preforeclosure non owner occupied | NO |
| preforeclosure owner occupied | NO |
| probate | GO_WITH_DISCLOSURE_CAPPED_1_PER_YEAR |
| tax delinquent | GO_WITH_DISCLOSURE_CAPPED_1_PER_YEAR |
the whole grid · probate in IL · the disclosure blocks
Not legal advice. We are not a law firm and we do not draft documents for anyone else. A template is a starting point for a transaction you are a principal in; it is not a substitute for a lawyer licensed in the state the property sits in, and in several states the disclosure below has statutory wording that must be copied exactly. Have counsel read it before you sign.
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