In real estate transactions in Illinois, who can confidential information be shared with?

In Illinois real estate transactions, confidential information can only be shared with the designated managing broker. This is based on the legal obligations of agents to maintain their clients' confidentiality. The designated managing broker is typically responsible for overseeing the brokerage and ensuring compliance with laws and regulations, which includes handling sensitive information appropriately.

Sharing confidential information with the buyer and seller, other team members, or third parties who are not involved could lead to breaches of fiduciary duty and confidentiality, which is a fundamental principle in real estate practice. Therefore, the structure ensures that sensitive details are only handled by those in a position of trust and oversight within the brokerage. This approach protects the clients' interests and maintains the integrity of the transaction process.