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This comprehensive disclosure report by Illinois REALTORS® outlines vital information about lead-based paint, radon hazards, and material defects for residential properties.
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What is residential real property disclosure?
Residential real property disclosure is a legal requirement for sellers of residential properties to inform potential buyers about the condition of the property, including any known defects or issues.
Who is required to file residential real property disclosure?
Typically, sellers of residential real estate are required to file residential real property disclosure statements to inform buyers about the property's condition.
How to fill out residential real property disclosure?
To fill out residential real property disclosure, sellers must complete a standardized form, providing detailed information regarding the property's condition, repairs, and any known issues with the property.
What is the purpose of residential real property disclosure?
The purpose of residential real property disclosure is to protect buyers by ensuring they are fully informed about the condition of a property before completing a purchase.
What information must be reported on residential real property disclosure?
Information that must be reported includes structural issues, past flooding, pest infestations, renovations, and the condition of major systems such as plumbing, electrical, and HVAC.
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