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Illinois Residential Real Estate Sales Disclosure Statement
Illinois Property Disclosures
Description Illinois Disclosure
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Residential Real Estate Disclosure Illinois Other Form Names
Residential Real Estate Disclosure FAQ
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.
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.
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.
Which seller is exempt from completing a transfer disclosure statement? A lender selling a property which they previously foreclosed upon.
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.
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.
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.
Death in the Home. Neighborhood Nuisances. Hazards. Homeowners' Association Information. Repairs. Water Damage. Missing Items. Other Possible Disclosures.
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Illinois Complied Statutes
Residential Real Property Disclosure Act - 765 ILCS 77
Short title: This Act may be cited as the Residential Real Property Disclosure Act. (Source: P.A. 88-111.)765 ILCS 77/1
Definitions: As used in this Act, unless the context otherwise requires the following terms have the meaning given in this Section. "Residential real property" means real property improved with not less than one nor more than 4 residential dwelling units; units in residential cooperatives; or, condominium units, including the limited common elements allocated to the exclusive use thereof that form an integral part of the condominium unit.
"Seller" means every person or entity who is an owner, beneficiary of a trust, contract purchaser or lessee of a ground lease, who has an interest (legal or equitable) in residential real property. However, "seller" shall not include any person who has both (i) never occupied the residential real property and (ii) never had the management responsibility for the residential real property nor delegated such responsibility for the residential real property to another person or entity.
"Prospective buyer" means any person or entity negotiating or offering to become an owner or lessee of residential real property by means of a transfer for value to which this Act applies. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/5
Except as provided in Section 15, this Act applies to any transfer by sale, exchange, installment land sale contract, assignment of beneficial interest, lease with an option to purchase, ground lease, or assignment of ground lease of residential real property. (Source: P.A. 88-111.)765 ILCS 77/10
The provisions of this Act do not apply to the following:
(1)
Transfers pursuant to court order, including, but not limited to,
transfers ordered by a probate court in administration of an estate, transfers
between spouses resulting from a judgment of dissolution of marriage
or legal separation, transfers pursuant to an order of possession, transfers
by a trustee in bankruptcy, transfers by eminent domain, and transfers
resulting from a decree for specific performance.
(2) Transfers from a mortgagor to a mortgagee by deed in lieu of foreclosure or consent judgment, transfer by judicial deed issue pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
(4) Transfers from one co-owner to one or more other co-owners.
(5) Transfers pursuant to testate or intestate succession.
(6) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the sellers.
(7) Transfers from an entity that has taken title to residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure form furnished to the entity by the seller.
(8) Transfers to or from any governmental entity.
(9) Transfers of newly constructed residential real property that has not been occupied. (Source: P.A. 88-111.)765 ILCS 77/15
A seller of residential real property shall complete all applicable items in the disclosure document described in Section 35 of this Act. The seller shall deliver to the prospective buyer the written disclosure statement required by this Act before the signing of a written agreement by the seller and prospective buyer that would, subject to the satisfaction of any negotiated contingencies, require the prospective buyer to accept a transfer of the residential real property. (Source: P.A. 88-111.)765 ILCS 77/20
Liability of seller:
(a) The seller
is not liable for any error, inaccuracy, or omission of any information
delivered pursuant to this Act if (i) the seller had no knowledge of the
error, inaccuracy, or omission, (ii) the error, inaccuracy, or omission
was based on a reasonable belief that a material defect or other matter
not disclosed had been corrected, or (iii) the error, inaccuracy, or omission
was based on information provided by a public agency or by a licensed engineer,
land surveyor, structural pest control operator, or by a contractor about
matters within the scope of the contractor's occupation and the seller
had no knowledge of the error, inaccuracy, or omission.
(b) The seller shall disclose material defects of which the
seller has actual knowledge.
(c) The seller is not obligated by this Act to make any specific
investigation or inquiry in an effort to complete the disclosure
statement. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/25
Disclosure supplement: If, prior to closing, any seller has actual knowledge of an error, inaccuracy, or omission in any prior disclosure document after delivery of that disclosure document to a prospective buyer, that seller shall supplement the prior disclosure document with a written supplemental disclosure. (Source: P.A. 90-383, eff. 1-1-98; 91-357, eff. 7-29-99.)765 ILCS 77/30
Disclosure report form. The disclosures required of a seller by this Act shall be made in the following form:
[See USLF form IL-37014]
Material defect: If a material defect is disclosed in the Residential Real Property Disclosure Report, after acceptance by the prospective buyer of an offer or counter-offer made by a seller or after the execution of an offer made by a prospective buyer that is accepted by the seller for the conveyance of the residential real property, then the prospective buyer may, within 3 business days after receipt of that report by the prospective buyer, terminate the contract or other agreement without any liability or recourse except for the return to prospective buyer of all earnest money deposits or down payments paid by prospective buyer in the transaction. If a material defect is disclosed in a supplement to this disclosure document, the prospective buyer shall not have a right to terminate unless the material defect results from an error, inaccuracy, or omission of which the seller had actual knowledge at the time the prior disclosure document was completed and signed by the seller. The right to terminate the contract, however, shall no longer exist after the conveyance of the residential real property. For purposes of this Act the termination shall be deemed to be made when written notice of termination is personally delivered to at least one of the sellers identified in the contract or other agreement or when deposited, certified or registered mail, with the United States Postal Service, addressed to one of the sellers at the address indicated in the contract or agreement, or, if there is not an address contained therein, then at the address indicated for the residential real property on the report. (Source: P.A. 90-383, eff. 1-1-98.) 765 ILCS 77/40
This Act is not intended to limit or modify any obligation to disclose created by any other statute or that may exist in common law in order to avoid fraud, misrepresentation, or deceit in the transaction. (Source: P.A. 88-111.)765 ILCS 77/45
Delivery of the Residential Real Property Disclosure Report provided by this Act shall be by: (1) personal or facsimile delivery to the prospective buyer;
(2) depositing the report with the United States Postal Service, postage prepaid, first class mail, addressed to the prospective buyer at the address provided by the prospective buyer or indicated on the contract or other agreement; or
(3) depositing the report with an alternative delivery service such as Federal Express, UPS, or Airborne, delivery charges prepaid, addressed to the prospective buyer at the address provided by the prospective buyer or indicated on the contract or other agreement.
For purposes of this Act, delivery to one prospective buyer is deemed delivery to all prospective buyers. Delivery to an authorized individual acting on behalf of a prospective buyer constitutes delivery to all prospective buyers. Delivery of the report is effective upon receipt by the prospective buyer. Receipt may be acknowledged on the report, acknowledged in an agreement for the conveyance of the residential real property, or shown in any other verifiable manner. (Source: P.A. 91-357, eff. 7-29-99.) 765 ILCS 77/50
Violations and damages: If the seller fails or refuses to provide the disclosure document prior to the conveyance of the residential real property, the buyer shall have the right to terminate the contract. A person who knowingly violates or fails to perform any duty prescribed by any provision of this Act or who discloses any information on the Residential Real Property Disclosure Report that he knows to be false shall be liable in the amount of actual damages and court costs, and the court may award reasonable attorney fees incurred by the prevailing party. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/55
No action for violation of this Act may be commenced later than one year from the earlier of the date of possession, date of occupancy, or date of recording of an instrument of conveyance of the residential real property. (Source: P.A. 88-111.)765 ILCS 77/60
A copy of this Act, excluding Section 35, must be printed on or as a part of the Residential Real Property Disclosure Report form. (Source: P.A. 88-111.) 765 ILCS 77/65
This Act takes effect on October 1, 1994. (Source: P.A. 88-111.)765 ILCS 77/99
Illinois Complied Statutes
Residential Real Property Disclosure Act - 765 ILCS 77
Short title: This Act may be cited as the Residential Real Property Disclosure Act. (Source: P.A. 88-111.)765 ILCS 77/1
Definitions: As used in this Act, unless the context otherwise requires the following terms have the meaning given in this Section. "Residential real property" means real property improved with not less than one nor more than 4 residential dwelling units; units in residential cooperatives; or, condominium units, including the limited common elements allocated to the exclusive use thereof that form an integral part of the condominium unit.
"Seller" means every person or entity who is an owner, beneficiary of a trust, contract purchaser or lessee of a ground lease, who has an interest (legal or equitable) in residential real property. However, "seller" shall not include any person who has both (i) never occupied the residential real property and (ii) never had the management responsibility for the residential real property nor delegated such responsibility for the residential real property to another person or entity.
"Prospective buyer" means any person or entity negotiating or offering to become an owner or lessee of residential real property by means of a transfer for value to which this Act applies. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/5
Except as provided in Section 15, this Act applies to any transfer by sale, exchange, installment land sale contract, assignment of beneficial interest, lease with an option to purchase, ground lease, or assignment of ground lease of residential real property. (Source: P.A. 88-111.)765 ILCS 77/10
The provisions of this Act do not apply to the following:
(1)
Transfers pursuant to court order, including, but not limited to,
transfers ordered by a probate court in administration of an estate, transfers
between spouses resulting from a judgment of dissolution of marriage
or legal separation, transfers pursuant to an order of possession, transfers
by a trustee in bankruptcy, transfers by eminent domain, and transfers
resulting from a decree for specific performance.
(2) Transfers from a mortgagor to a mortgagee by deed in lieu of foreclosure or consent judgment, transfer by judicial deed issue pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
(4) Transfers from one co-owner to one or more other co-owners.
(5) Transfers pursuant to testate or intestate succession.
(6) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the sellers.
(7) Transfers from an entity that has taken title to residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure form furnished to the entity by the seller.
(8) Transfers to or from any governmental entity.
(9) Transfers of newly constructed residential real property that has not been occupied. (Source: P.A. 88-111.)765 ILCS 77/15
A seller of residential real property shall complete all applicable items in the disclosure document described in Section 35 of this Act. The seller shall deliver to the prospective buyer the written disclosure statement required by this Act before the signing of a written agreement by the seller and prospective buyer that would, subject to the satisfaction of any negotiated contingencies, require the prospective buyer to accept a transfer of the residential real property. (Source: P.A. 88-111.)765 ILCS 77/20
Liability of seller:
(a) The seller
is not liable for any error, inaccuracy, or omission of any information
delivered pursuant to this Act if (i) the seller had no knowledge of the
error, inaccuracy, or omission, (ii) the error, inaccuracy, or omission
was based on a reasonable belief that a material defect or other matter
not disclosed had been corrected, or (iii) the error, inaccuracy, or omission
was based on information provided by a public agency or by a licensed engineer,
land surveyor, structural pest control operator, or by a contractor about
matters within the scope of the contractor's occupation and the seller
had no knowledge of the error, inaccuracy, or omission.
(b) The seller shall disclose material defects of which the
seller has actual knowledge.
(c) The seller is not obligated by this Act to make any specific
investigation or inquiry in an effort to complete the disclosure
statement. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/25
Disclosure supplement: If, prior to closing, any seller has actual knowledge of an error, inaccuracy, or omission in any prior disclosure document after delivery of that disclosure document to a prospective buyer, that seller shall supplement the prior disclosure document with a written supplemental disclosure. (Source: P.A. 90-383, eff. 1-1-98; 91-357, eff. 7-29-99.)765 ILCS 77/30
Disclosure report form. The disclosures required of a seller by this Act shall be made in the following form:
[See USLF form IL-37014]
Material defect: If a material defect is disclosed in the Residential Real Property Disclosure Report, after acceptance by the prospective buyer of an offer or counter-offer made by a seller or after the execution of an offer made by a prospective buyer that is accepted by the seller for the conveyance of the residential real property, then the prospective buyer may, within 3 business days after receipt of that report by the prospective buyer, terminate the contract or other agreement without any liability or recourse except for the return to prospective buyer of all earnest money deposits or down payments paid by prospective buyer in the transaction. If a material defect is disclosed in a supplement to this disclosure document, the prospective buyer shall not have a right to terminate unless the material defect results from an error, inaccuracy, or omission of which the seller had actual knowledge at the time the prior disclosure document was completed and signed by the seller. The right to terminate the contract, however, shall no longer exist after the conveyance of the residential real property. For purposes of this Act the termination shall be deemed to be made when written notice of termination is personally delivered to at least one of the sellers identified in the contract or other agreement or when deposited, certified or registered mail, with the United States Postal Service, addressed to one of the sellers at the address indicated in the contract or agreement, or, if there is not an address contained therein, then at the address indicated for the residential real property on the report. (Source: P.A. 90-383, eff. 1-1-98.) 765 ILCS 77/40
This Act is not intended to limit or modify any obligation to disclose created by any other statute or that may exist in common law in order to avoid fraud, misrepresentation, or deceit in the transaction. (Source: P.A. 88-111.)765 ILCS 77/45
Delivery of the Residential Real Property Disclosure Report provided by this Act shall be by: (1) personal or facsimile delivery to the prospective buyer;
(2) depositing the report with the United States Postal Service, postage prepaid, first class mail, addressed to the prospective buyer at the address provided by the prospective buyer or indicated on the contract or other agreement; or
(3) depositing the report with an alternative delivery service such as Federal Express, UPS, or Airborne, delivery charges prepaid, addressed to the prospective buyer at the address provided by the prospective buyer or indicated on the contract or other agreement.
For purposes of this Act, delivery to one prospective buyer is deemed delivery to all prospective buyers. Delivery to an authorized individual acting on behalf of a prospective buyer constitutes delivery to all prospective buyers. Delivery of the report is effective upon receipt by the prospective buyer. Receipt may be acknowledged on the report, acknowledged in an agreement for the conveyance of the residential real property, or shown in any other verifiable manner. (Source: P.A. 91-357, eff. 7-29-99.) 765 ILCS 77/50
Violations and damages: If the seller fails or refuses to provide the disclosure document prior to the conveyance of the residential real property, the buyer shall have the right to terminate the contract. A person who knowingly violates or fails to perform any duty prescribed by any provision of this Act or who discloses any information on the Residential Real Property Disclosure Report that he knows to be false shall be liable in the amount of actual damages and court costs, and the court may award reasonable attorney fees incurred by the prevailing party. (Source: P.A. 90-383, eff. 1-1-98.)765 ILCS 77/55
No action for violation of this Act may be commenced later than one year from the earlier of the date of possession, date of occupancy, or date of recording of an instrument of conveyance of the residential real property. (Source: P.A. 88-111.)765 ILCS 77/60
A copy of this Act, excluding Section 35, must be printed on or as a part of the Residential Real Property Disclosure Report form. (Source: P.A. 88-111.) 765 ILCS 77/65
This Act takes effect on October 1, 1994. (Source: P.A. 88-111.)765 ILCS 77/99