What is required under the law?
Illinois' Residential Real Property Disclosure Act became effective October 1, 1994. The Act is a consumer protection law designed to give buyers the benefit of the seller's knowledge about the condition of the property they are buying.
The Real Property Disclosure Report form is a series of questions intended to have the homeseller disclose any known material defects about the property. Under the Act, a material defect is defined as a condition that would have a substantial adverse effect on the value of the residential real property or that would significantly impair the health or safety of future occupants of the residential real property, unless the seller believes the condition has been corrected.
How does the seller disclosure law affect you as a seller?
The seller and the seller alone is responsible for completing the disclosure form and shall be responsible for honestly disclosing only those matters of which the seller has knowledge. All owners of the property being sold are required to make any specific investigation or inquiry in an effort to complete the disclosure form. The seller is free to answer "no" (or not aware) about any of the items on the form if the seller has no actual knowledge regarding that issue.
The disclosure form is designed to allow sellers to fulfill disclosure requirements in a simple and comprehensive manner. the form includes 22 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 system; well and drinking water; and presence of high levels of lead paint, radon and asbestos. The disclosure form is not a substitute for any inspections that the prospective buyer may wish to obtain or warranties that the parties may negotiate.