Illinois disclosure statement 2025

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An effective disclosure statement should do the following: Identify all relevant parties involved. Determine and state the purpose of the disclosure. Outline and provide the information that needs to be included in the disclosure.
Illinois law requires mileage disclosure for all vehicles. Exceptions include: vehicle weight of more than 16,000 pounds; vehicles 10 years old or older; vehicles that are not self-propelled; and vehicles manufactured without an odometer.
A seller of residential real property shall complete all items in the disclosure report described in Section 35. The seller shall deliver to the prospective buyer the written disclosure report required by this Act before the signing of a contract.
The person responsible for assembling necessary closing documents, preparing the HUD-1 settlement, and arranging the closing is generally referred to as the Closing Agent or Settlement Agent. This individual can be an attorney, a representative of the title company, or a representative of the mortgage lender.
The answer is sellers attorney. In Illinois, the closing statement is customarily prepared by the sellers attorney.
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Disclosure report requirements. A seller of residential real property shall complete all items in the disclosure report described in Section 35. The seller shall deliver to the prospective buyer the written disclosure report required by this Act before the signing of a contract.
In transactions involving a seller, the settlement agent is required to provide the seller with the Closing Disclosure reflecting the actual terms of the sellers transaction no later than the day of consummation.
Lenders are required to provide your Closing Disclosure three business days before your scheduled closing.

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