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This document provides prospective buyers with crucial information about material defects in residential real property in Illinois, compliant with the 2023 Residential Real Property Disclosure Act.
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What is residential real property disclosure?
Residential real property disclosure is a legal requirement for sellers of residential properties to provide potential buyers with detailed information regarding the condition of the property, any known defects, and other relevant facts that could affect the value or desirability of the property.
Who is required to file residential real property disclosure?
Sellers of residential real estate, typically individuals or entities selling single-family homes or residential properties, are required to file residential real property disclosure.
How to fill out residential real property disclosure?
To fill out a residential real property disclosure, sellers must complete a standardized form that typically includes questions about the property's condition, previous repairs, environmental hazards, and other aspects relevant to the property's status.
What is the purpose of residential real property disclosure?
The purpose of residential real property disclosure is to protect buyers by ensuring they are informed about potential issues with the property before completing the purchase, thereby promoting transparency and reducing the risk of disputes.
What information must be reported on residential real property disclosure?
Sellers must report information regarding the property’s structural integrity, any past flooding, pest infestations, the presence of hazardous substances, and any repairs or renovations that have been made, among other relevant details.
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