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What is illinois real estate disclosure?
Illinois Real Estate Disclosure is a mandatory document that must be presented to any potential buyer of a property in the state of Illinois. This document includes information about the physical condition of the property, any known environmental hazards, and any other relevant information that may affect the buyer's decision to purchase the property.
What is the penalty for the late filing of illinois real estate disclosure?
The penalty for the late filing of Illinois real estate disclosure is a fine of up to $500. In addition, the party responsible for the late filing may be held liable for any damages resulting from the failure to file the disclosure.
Who is required to file illinois real estate disclosure?
In Illinois, the seller is required to file the real estate disclosure. The seller must provide a Residential Real Property Disclosure Report, which includes information regarding the condition of the property and any known defects. This disclosure is typically provided to the buyer before the purchase contract is signed.
How to fill out illinois real estate disclosure?
To fill out an Illinois real estate disclosure, follow these steps:
1. Obtain the disclosure form: Get a copy of the Illinois Real Estate Residential Property Disclosure Report form. This form is typically provided by the seller's real estate agent or can be obtained from the Illinois Department of Financial and Professional Regulation (IDFPR) website.
2. Complete the property information: Fill in the details of the property being disclosed, such as the address, county, and property type. Include any unique identifiers, such as parcel numbers or legal descriptions.
3. Disclose information about the property: Section 1 of the form covers different aspects of the property, including its structure, systems, and history. Read each question carefully and provide accurate and complete answers.
4. Be thorough and transparent: Ensure that you disclose any known defects or issues with the property honestly. If you are unsure about certain information, it's generally recommended to err on the side of disclosure.
5. Attach additional documentation if necessary: If the disclosure requires additional documentation, such as repair records, permits, or maintenance logs, make sure to attach them as supporting documents, if available.
6. Sign and date the form: Once you have completed the form, sign and date it. If you are a seller, your signature verifies the information provided. If you are a buyer, your signature acknowledges receipt of the disclosure.
7. Distribute copies: Provide copies of the completed disclosure form to the buyer(s) and the real estate agents involved in the transaction. It's a good practice to keep a copy for your records as well.
Remember that the real estate disclosure form may vary based on the specific circumstances or local requirements. It's crucial to consult with a real estate professional or attorney if you have any specific questions or concerns about filling out the Illinois real estate disclosure form.
What is the purpose of illinois real estate disclosure?
The purpose of the Illinois real estate disclosure is to provide buyers with important information about the condition and potential issues of a property before purchasing it. The disclosure form is filled out by the seller and includes details about any known defects, damages, or environmental hazards that might affect the value or desirability of the property. It aims to protect buyers from unexpected or hidden problems and allows them to make informed decisions regarding the purchase. Additionally, by providing full disclosure, sellers can avoid potential lawsuits or disputes with buyers in the future.
What information must be reported on illinois real estate disclosure?
According to Illinois law, the following information must be reported on the Real Estate Disclosure Report:
1. Material defects: Any known material defects in the property that could affect its safety, structural integrity, or value.
2. Environmental hazards: The presence of any hazardous substances or environmental hazards, such as asbestos, lead-based paint, radon gas, mold, and other toxic substances.
3. Flood hazards: Whether the property is located in a floodplain or if it has been subjected to flood damage.
4. Property taxes and special assessments: The current property taxes and any special assessments that the buyer will be responsible for.
5. Structural modifications: Any alterations, additions, or repairs made to the property without obtaining the necessary permits or inspections.
6. Homeowners' Association: If the property is part of a homeowners' association, information about the association's fees, rules, and restrictions must be disclosed.
7. Material litigation: Any pending or ongoing lawsuits or legal disputes that involve the property.
8. Building code violations: Any violations of local building codes or zoning regulations that could affect the property.
9. Water and sewer systems: The source of water, the type of sewage disposal system, and any known issues or deficiencies with these systems.
10. Roof, plumbing, electrical, HVAC systems: The age, condition, and any known defects or malfunctions of the roof, plumbing, electrical, and HVAC systems.
It is important to note that this is not an exhaustive list, and additional disclosures might be required based on the specific circumstances of the property. It is recommended to consult with a real estate attorney or agent to ensure compliance with all applicable disclosure requirements in Illinois.
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