Search results
RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT. NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE PROSPECTIVE BUYERS WITH INFORMATION ABOUT MATERIAL DEFECTS IN THE RESIDENTIAL REAL PROPERTY BEFORE THE SIGNING OF A CONTRACT. THIS REPORT DOES NOT LIMIT THE PARTIES' RIGHT TO CONTRACT FOR THE SALE OF RESIDENTIAL REAL PROPERTY IN "AS IS" CONDITION.
residential real property disclosure report notice: the purpose of this report is to provide prospective buyers with information about material defects in the residential real property before the signing of a contract. this report does not limit the parties' right to contract for the sale of residential real
- 113KB
- 2
Illinois REALTORS®. RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT. (765 ILCS 77/35) NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE PROSPECTIVE BUYERS WITH INFORMATION ABOUT MATERIAL DEFECTS IN THE RESIDENTIAL REAL PROPERTY BEFORE THE SIGNING OF A CONTRACT.
This report is a disclosure of certain conditions of the residential real property listed above in compliance with the Residential Real Property Disclosure Act. This information is provided as of ______/______/______, and does not reflect any changes made or occurring after that date or information that becomes known to the seller after that date.
- 194KB
- 2
- What Illinois Law Requires Home Sellers to Disclose
- Which Illinois Property Sellers Do and Don't Need to Make Disclosures
- Where to Draw The Line When Making Real Estate Disclosures in Illinois
- Completing and Delivering The Illinois Property Disclosure Form
- Illinois Radon Disclosure Requirement
- Federal Law Requiring Lead Disclosure
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 you're aware of that affects its value, healthfulness, and safety. This could include things like past flooding and flood risk, unsafe conditions, municipal code violation...
The Illinois Residential Real Property Disclosure Act applies to "sellers" of "residential real property." Both terms are defined in the law: "Residential real property" is property improved with one to four residential dwelling units, or an individual condominium or cooperative unit. A "seller" is any owner or any beneficiary of a trust that owns ...
The law does not require you to disclose absolutely everything you know about the property. Defects that are not "material" need not be disclosed. If the defect won't affect the value or safety of the property, it's not crucial to mention. (The statutory language is, "'material defect' means a condition that would have a substantial adverse effect ...
You are required to answer the questions on the standard "Residential Real Property Disclosure Report" form, the language of which comes directly from the law. (See 765 ILCS § 77/35.) Your real estate broker or attorney will be able to provide you with a printed version of the form and help you complete it. All of the required disclosures are liste...
The Illinois Radon Awareness Act, 420 ILCS § 46/1 et seq., requires you to give two pamphlets about radon hazards to the buyer before the contract is signed. The first is from the Illinois Emergency Management Agency and is entitled Radon Testing Guidelines for Real Estate Transactions. The second pamphlet is the Illinois Disclosure of Information ...
Federal law requires disclosure of potential lead paint and other lead hazards, as described in Seller Responsibility to Disclose Lead-Based Paint Hazards. This mainly affects sellers of houses constructed before 1978, which are likely to contain some source of lead, such as lead-based paint or lead pipes.
The report includes 24 questions pertaining to the condition of the property, including but not limited to, the following areas: the structure, including the roof, foundation, walls and floors; flooding; furnace, electrical, plumbing and air conditioning systems; well and drinking water; and presence of high levels of lead paint, radon, asbestos...
People also ask
What is a residential real property disclosure report?
How do I deliver a residential real property disclosure report?
Do I need a copy of the residential real property disclosure report form?
VDOM DHTML tml>. 108 Residential Real Property Disclosure Report PDF - Illinois REALTORS.
