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What are the rules on Residential Real Property Disclosure Report?
What is the "Residential Real Property Disclosure Report"? The "Residential Real Property Disclosure Report" is a series of questions intended to force the sellers to disclose certain aspects of the physical condition of the property. This includes information concerning leakage, defects, unsafe conditions, flooding, and certain other physical conditions. The form and the 22 questions are specified by Illinois Law. Who is required to provide the form? Virtually all sellers with the exception of sellers who did not manage nor occupy the property such as a relocation company. When is the Disclosure required? When a prospective purchaser submits a contract, the seller should provide the disclosure at this time. What if the condition of the property changes between when the disclosure report is provided the purchaser and the date of the closing? Sellers are required to inform the purchaser in written form if the seller gains actual knowledge of a material defect after the original disclosure form was delivered to the prospective purchaser. What happens if the seller fails to provide the disclosure? The purchaser has the option to have the real estate contract invalidated. This would allow the purchaser to terminate the contract without losing their earnest money. Purchaser should be aware that the form is not a substitute for a home inspection. It is a valuable, but limited disclosure of the seller's actual knowledge of the condition of the property. NOTE: The answers above are intended to be a brief summaries of the law only. Parts of the answer may or MAY NOT be applicable to your situation and/or your local jurisdiction(s). Any information provided DOES NOT constitute legal advice and should be supplemented with the advice of an attorney licensed to practice law in your locality. |
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