Il disclosure statement 2025

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What Illinois Law Requires Home Sellers to Disclose. Illinois law requires you, as a home seller, to tell a prospective buyer, in writing, about any material defects on the property that you actually know about. This means anything youre aware of that affects its value, healthfulness, and safety.
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.
Sellers must disclose any known information regarding the condition of their property based on their personal knowledge and regardless if it is being sold as-is. This obligation remains even if you no longer live in the property within 12 months prior to selling (such as by renting out or inheriting).
Illinois Realtors and their sellers typically are not required to disclose a death that occurred in a home up for sale. But that doesnt mean buyers cant raise the question, even interview neighbors, and run Google address searches if need be.
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In Illinois, sellers might be responsible to buyers for home defects under the Illinois Residential Real Property Disclosure Act (the Disclosure Act). (765 ILCS 77/1.) The Act requires Sellers to check off defects from a list of potential issues set forth in the law, and to explain them in detail.
The first is a provision requiring that everyone selling residential property with one to four dwellings on it must disclose to prospective buyers certain defects in the property by completing and signing a 22-question disclosure form.
In Illinois, home sellers have a crucial obligation to disclose known material defects in the property. This requirement applies to a wide range of residential properties, including single-family homes, multi-family homes (up to 4 units), iniums, townhomes, and co-ops.

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