Sellers of Illinois properties improved with one to four residential dwelling units are required to disclose to buyers any knowledge they have of building defects. The Illinois Real Property Disclosure Act requires sellers to complete, execute and deliver a residential Real Property Disclosure Report before any contract to sell real estate is executed.
The Disclosure Report requires Illinois real estate sellers to disclose any knowledge they have of any building defects, including but not limited to flooding, recurring leakage, defects in basements roofs, foundations, plumbing or electrical problems as well as defects in the heating, ventilation or air conditioning systems. If prior to closing the real estate, the seller becomes aware that the Disclosure Report is in any respect inaccurate, the seller has a duty to supplement the Report in writing.
An Illinois real estate seller is not liable for errors, omissions or inaccuracies in the real estate Disclosure Report if the seller had no knowledge of the inaccuracy, reasonably believed the defect had been corrected or if the inaccuracy was based upon information furnished by a public agency, licensed professional or by a competent contractor which relied upon by the seller.
Feel free to contact an Illinois attorney experienced in handling all aspects of representing real estate sellers in Chicago area real estate closings at Logan Law, if you have questions about sale of your Chicago area real estate or any other area of the laws governing the purchase or sale of real estate.