Disclosure In Illinois

When you sell a residence in Illinois, you must fully inform the prospective buyer about the physical condition of the property. The physical condition includes the home’s history of flooding and its flood risk, any unsafe conditions in the home, municipal code violations, environmental issues, boundary line disputes, and any defects or deterioration in the home’s structure and systems. If there’s a problem with something like radon, asbestos, or lead paint, the buyer must be informed. Full, written disclosure must be made before the property is sold. Sometimes disclosure is a tricky process. A good real estate lawyer can review disclosure documents for either party in a real estate transaction. If it’s a transaction in Chicago, whether you’re buying or selling, you should have the advice and services of an experienced Chicago real estate lawyer.

Illinois law does not allow a buyer and seller to privately agree to ignore the disclosure requirement even when buyer agrees to purchase a property “as is” and is aware of the defects. By law, a seller must complete the disclosure forms before the sale can take place. Only specific kinds of property transfers are exempted from the disclosure requirement, such as property transferred in a divorce, bankruptcy, or mortgage foreclosure, property distributed from an estate, or a transfer of property to a family member. Let a good real estate lawyer look at the details of your property transaction to determine how the disclosure requirement may (or may not) apply.

A seller is not necessarily required to disclose absolutely everything about a property. Sellers in Illinois are required only to answer the questions on the standard “Residential Real Property Disclosure Report” form. An Illinois real estate lawyer can provide you with the form and help you complete it. Like almost every other kind of major financial transaction, the sale and purchase of a home is governed by a number of laws and regulations. When you’re buying or selling a home anywhere in the Chicago area, it’s best to work with an experienced Chicago real estate lawyer from the start. If you are buying or selling a property or considering it, make the call today.