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ILLINOIS RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE PROSPECTIVE BUYERS WITH INFORMATION ABOUT MATERIAL DEFECTS IN THE RESIDENTIAL REAL PROPERTY. THIS.

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The Illinois Residential Real Estate Property Disclosure Act is a real estate law in Illinois that requires home & property sellers to inform potential real estate purchases of a wide variety of issues, defects and repairs that the property owners are aware of as well as the repairs that have been completed to address ...

THE SELLER ACKNOWLEDGES THAT THE SELLER IS REQUIRED TO PROVIDE THIS DISCLOSURE REPORT TO THE PROSPECTIVE BUYER BEFORE THE SIGNING OF THE CONTRACT AND HAS A CONTINUING OBLIGATION, PURSUANT TO SECTION 30 OF THE RESIDENTIAL REAL PROPERTY DISCLOSURE ACT, TO SUPPLEMENT THIS DISCLOSURE PRIOR TO CLOSING.

A: The disclosure must be made to an employee when hired, annually, and upon request. The law does not specify a timeframe following each event in which the disclosure must be made (e.g., 30 days following date of hire).

The Residential Real Property Disclosure Act (765 ILCS 77) was passed in 1998 to protect home buyers from sellers who falsely report conditions of their property during a real estate transaction. The disclosure act is intended to provide buyers with a reliable representation on the major conditions of the property.

Required Disclosures Illinois requires home sellers to disclose in writing information regarding the quality, safety, and healthfulness of both commercial and residential real property. Sellers are required to list the following information regarding the condition of the property: Unsafe Conditions.

Who is Required to Comply with the Real Property Disclosure Act? Under the 1998 Act, every residential property sold in the State of Illinois is subject to this disclosure requirement. This includes single family homes (with up to four units), condominiums, co-ops, etc.

Under the Act, a seller has an obligation to complete and provide to a buyer a Disclosure Report. This Disclosure Report answers questions and includes information about the condition of the real estate during the time the seller owned it. The seller must disclose known material defects to a prospective buyer.

The disclosures required of a seller by this Act shall be made in the following form: RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE PROSPECTIVE BUYERS WITH INFORMATION ABOUT MATERIAL DEFECTS IN THE RESIDENTIAL REAL PROPERTY BEFORE THE SIGNING OF A CONTRACT.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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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
Content Takedown Policy
Bug Bounty Program
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:
+1 833 426 79 33
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