Il Lead Based Disclosure With Tenants
Description
How to fill out Illinois Lead Based Paint Disclosure For Sales Transaction?
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FAQ
This requires that potential buyers and renters of housing built prior to 1978 receive certain information about lead and lead hazards in the residence prior to becoming obligated to buy or rent, and provides the opportunity for an independent lead inspection for buyers.
Based Paint Disclosure form is a federally required document incorporated into a Lease Agreement for leasing residential properties built prior to 1978. Illinois landlords must provide this addendum to prospective tenants regardless of any evidence of the presence of leadbased paint.
Illinois state laws require additional landlord disclosures. Illinois landlords must provide several disclosures to their tenants before they sign a lease. This includes information about radon contamination, smoke and carbon monoxide detectors, rent concessions, and more.
Yes. A disclosure report must be completely filled out and provided to the potential buyers. This report includes disclosing any material defects that you are aware of, including but not limited to issues with the septic tank, issues with drinking water, issues with excessive radon levels, or even any known flooding.
Individuals who knowingly fail to disclose the presence of lead in Illinois can be subject to strict penalties and fines. These can include up to one year in prison and up to $10,000 per violation. A buyer's real estate attorney can pursue remedy of up to triple damages against a seller or their agent.