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Illinois Association of REALTORS RESIDENTIAL REAL PROPERTY DISCLOSURE

How to fill out residential real property disclosure

How to fill out residential real property disclosure:

1. Obtain the necessary form: First, you need to acquire the residential real property disclosure form from the appropriate authority or organization. This form is typically provided by the seller or their real estate agent, and it is often required by law to be completed before selling a residential property.
2. Gather all necessary information: Before filling out the form, gather all the relevant information about the property. This may include details about the property's age, condition, repairs and renovations, any known issues or defects, utilities, and any other pertinent information.
3. Provide accurate and complete information: It is crucial to be honest and transparent when completing the residential real property disclosure form. Answer all the questions to the best of your knowledge and provide accurate information about the property. This ensures that potential buyers have a clear understanding of the property's condition and any issues associated with it.
4. Take your time and be thorough: Carefully review each question on the form and take your time to provide detailed and accurate answers. It is important not to rush through the process, as inaccuracies or omissions could lead to legal issues in the future.
5. Seek professional advice if needed: If you are uncertain about how to answer a particular question or if you have concerns about potential liabilities, it is advisable to seek professional advice. Consult with a real estate attorney or a trusted real estate agent to ensure that you are filling out the form correctly and in compliance with applicable laws.

Who needs residential real property disclosure:

1. Sellers of residential properties: Anyone who is selling a residential property, whether it is an individual homeowner, a real estate developer, or an investor, is typically required to provide a residential real property disclosure. This requirement exists to protect buyers from purchasing properties with undisclosed issues or defects.
2. Real estate agents and brokers: Real estate agents and brokers have a responsibility to ensure that sellers comply with the residential real property disclosure requirement. They often assist sellers in obtaining and completing the necessary form and may offer guidance throughout the process.
3. Potential buyers: Although potential buyers do not directly need to fill out the residential real property disclosure, they have the right to receive this form from the seller. Buyers should carefully review the disclosed information to make informed decisions about purchasing the property. It is crucial for buyers to thoroughly understand the condition and potential issues associated with the property before making an offer or signing a contract.

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