You Have To Tell The Truth

You have to tell the truth, and you have the right to be told the truth – at least when it comes to real estate transactions in the state of Illinois. If you’re selling a residence, you’re required in Illinois to disclose defects and other problems to prospective buyers, but that actually benefits you. Without the full disclosure requirement, you could be sued by the buyer at a later time over an undisclosed defect. If you are buying or selling any property in the greater Chicago area, rely on the advice and services of an experienced Chicago real estate lawyer. A good real estate lawyer can examine and review all of the documents involved in a real estate transaction and make sure that your long-term interests are protected.

Disclosure lets buyers know precisely what they’re buying, and it helps those selling a property avoid any legal trouble that might arise from a transaction. Disclosure is not an ironclad guarantee about anything; it’s merely a candid description of a property’s known problems and defects. Obviously, every community and every property is unique, but disclosure should almost always include items such as plumbing, roofing, heating and air conditioning, foundation cracks, and termites or other kinds of infestation.

Failure to make a full and accurate disclosure is likely to generate a lawsuit, and a seller could be forced by the court to pay not only for repairs but also to pay punitive damages and the buyer’s legal expenses. There’s simply never a reason for not making a full disclosure. If you are involved on either side of any real estate transaction in the greater Chicago area, or if you’re only now considering buying or selling a property, obtain the help you need and contact a trustworthy Chicago real estate lawyer as quickly as possible.