Lead Based Paint Disclosure Illinois With Tenants
Description
How to fill out Illinois Lead Based Paint Disclosure For Sales Transaction?
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FAQ
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.
Lead-based paint disclosure exemptions In addition to houses built in or after 1978, the following also qualify for an exemption from the disclosure rules: Dwelling units with no bedrooms, such as a studio apartment. Dwelling units that are leased for 100 days or fewer, such as short-term rentals.
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.
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.