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View Illinois Real Estate Market Pulse. Find out the median home price in the area you are thinking of moving to, or for the home you are trying to sell! This snapshot of real estate sales, based on deeds transferred during this period, is compiled from public records. Median Price means that half the homes sold for more and half for less.
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Browse data on the 613683 recent real estate transactions in Illinois. Great for discovering comps, sales history, photos, and more.
People also ask
Do sellers have to provide information about a property in Illinois?
Do sellers pay a transfer tax in Illinois?
What home sellers in Illinois should know about disclosures?
Should you sell a home without a realtor in Illinois?
Feb 9, 2024 · Consider offering these common seller concessions in Illinois: Closing costs credits: Illinois sellers often cover 1.30%–2.00% of buyers' closing costs, according to a Clever Real Estate survey of local real estate professionals. On an Illinois home with a median value of $257,738, that equates to $3,351–$5,155.
- 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.
sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD. Most municipalities in Illinois with transfer taxes charge a set amount per $1,000 of the sales price. For example, in Aurora, sellers must pay $3 for every $1,ooo in a transaction. That means a $2oo,ooo home sale comes with an additional $6oo fee tacked on at closing!
A deed is the legal instrument used to transfer real property. It describes the property, names the respective parties and includes the signature of the person transferring the property. Prepare the Bill of Sale (Seller). This is a written document that transfers the ownership of the personal property such as washers and dryers.
on all property? Generally, the Residential Real Property Disclosure Report is required on all Illinois residential real property sales transactions. Residential real property is defined as property that is improved with not less than one nor more than four residential dwelling units and includes units in residential cooperatives and condominiums.
