People also ask
Under what conditions is the residential real property disclosure form not required in Illinois?
There are exceptions within the Illinois Residential Real Property Disclosure Act where the transfer of property does not require any disclosure be made. These include when the property is being transferred as part of a divorce settlement, foreclosure, or bankruptcy.
Which transfers of property are exempt from a disclosure report?
If foreclosure or bankruptcy brought on by debt triggers the transfer of the property, no disclosure is required. 3. Divorce. If a property is transferred from one spouse to another during a divorce, no disclosure is required.
Are property disclosures required in Illinois?
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.
Who is required to complete a seller's Disclosure property conditions quizlet?
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy thereof to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale.
What does the Residential Real Property Disclosure Act in Illinois do?
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.
illinois residential real property disclosure pdf