Mandatory Disclosure
Illinois law requires sellers of residential property to disclose specific defects and other problems with the property. If you’re selling, you may think disclosure is an aggravation, but disclosure protects both buyers and sellers. If there’s a defect with the home or property, the buyer could sue at some point after the closing. Disclosure helps sellers avoid lawsuits and guarantees that buyers know what they’re getting. Disclosure doesn’t mean that a buyer is giving a seller any guarantees; it’s simply an honest report of the property’s condition. If you’re involved in any real estate transaction in or near Chicago, protect yourself by having all the pertinent documents examined and reviewed by an experienced Chicago real estate lawyer.
It’s always wise to disclose any defects that might affect a decision to buy your home. Disclosure laws and standard disclosure forms typically cover these items:
- – Roofing
- – Plumbing and sewage
- – Lead paint
- – Termites or other insects
- – Property drainage
- – Heating and air conditioning
- – Foundation cracks or other instabilities
- – Problems with the title
Standard disclosure forms are usually easy to complete. Still, you should read the form cautiously and provide candid, accurate answers. If you’re unsure about anything on a disclosure form, a good real estate lawyer can help. Illinois courts can enforce harsh penalties in cases involving fraud or misrepresentation in real estate transactions. Whether you are selling or buying a residential property, it’s imperative to have a good real estate lawyer help you determine how mandatory disclosure affects any specific property or transaction. If you fail to make a full and honest disclosure, you can be sued. If that happens and a court rules for the buyer, you may be responsible for:
- – Repairs for the undisclosed defect
- – The buyer’s legal costs
- – Punitive damages
- – In egregious cases, a court can even invalidate or rescind a property sale.
In the Chicago area, the wisest strategy for both buyers and sellers is to obtain the services of an experienced Chicago real estate lawyer. If you’re involved – or anticipate being involved – as a buyer or seller in a Chicago-area real estate transaction, get the advice you need and contact a good Chicago real estate lawyer right away.
