This form is a Seller's Disclosure Statement for use in a residential sales transaction in Illinois. This disclosure statement concerns the condition of property and is completed by the Seller.
Illinois Residential Real Estate Sales Disclosure Statement
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The seller's disclosure statement under the Illinois Residential Real Estate Sales Disclosure Statement includes various elements related to the property's condition. These elements encompass structural integrity, heating, plumbing, and any environmental hazards. By including these details, sellers provide buyers with a comprehensive view of the property's status, facilitating informed decision-making.
Death in the Home. Neighborhood Nuisances. Hazards. Homeowners' Association Information. Repairs. Water Damage. Missing Items. Other Possible Disclosures.
Illinois law requires you, as a home seller, to tell a prospective buyer, in writing, about any material defects you actually know about. This means anything you're aware of that affects the value, healthfulness, and safety of your property.
Every residential property sold from single family up to four units, condominiums and co-ops are covered by the Act and requires the form be provided to buyers.
The residential real property disclosure is required by the Illinois Residential Real Property Disclosure Act. But, there is no law requiring a Mold Disclosure. Many Buyers and Sellers are surprised to learn that Illinois has no law specifically dealing with the disclosure of mold.
Which seller is exempt from completing a transfer disclosure statement? A lender selling a property which they previously foreclosed upon.
Property defects Most states require a seller to disclose issues such as structural problems, damp, insect infestation or fixtures and appliances that don't work, even if it's a common practice for buyers to get building inspection reports before making an offer.
The Illinois Radon Awareness Act and the Illinois Real Property Disclosure Act requires that a seller of a home disclose information if aware of unsafe concentrations of radon in the home. The acts do not require that testing or remediation work be conducted.
To protect home buyers from encountering property problems and sellers who don't disclose property defects, the state of Illinois passed the Residential Real Property Disclosure Act. It's a law that obligates home sellers to disclose in writing any known material defects about their property.