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R; I LE Illinois Association of REALTOR IS RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT 51,3i fly, TTF FFI NOTICE, : THE PURPOSE OUTFITS REPORT IS TO PROVIDE PRO SPI CTI VH I, Ymir. S WITH INF 'FORMATION

How to fill out real property disclosure

How to fill out real property disclosure:

1. Start by obtaining the necessary forms: In order to fill out a real property disclosure, you need to obtain the specific forms required by your state or local jurisdiction. These forms can usually be found on the website of your local real estate authority or through a real estate agent.
2. Begin with the basic property information: The first section of the real property disclosure form typically requires you to provide basic information about the property, such as the address, legal description, and the names of the current owners.
3. Disclose any known material defects: The main purpose of a real property disclosure is to inform potential buyers about any known material defects or issues with the property. Material defects are problems that would significantly affect the value or desirability of the property. In this section, you should disclose any defects or issues that you are aware of, such as foundation problems, roof leaks, plumbing issues, or past mold or pest infestations.
4. Answer specific questions about the property: The disclosure form may include specific questions about the property that you need to answer. These questions may cover various aspects of the property, such as the presence of lead-based paint, the condition of the electrical or HVAC systems, or any previous insurance claims related to the property.
5. Provide information about past renovations or additions: If you have made any renovations or additions to the property, you will need to provide details about these changes. This may include information about when the work was done, whether the work was permitted, and if any warranties or guarantees are in place.
6. Include any relevant paperwork or documents: It is always a good idea to include any relevant paperwork or documents to support your disclosure. This may include receipts or invoices for repairs or renovations, inspection reports, warranties, or any other documentation that may be helpful for the potential buyer.

Who needs real property disclosure:

1. Sellers: The primary individuals who need to fill out a real property disclosure are sellers. If you are selling a property, whether it is a house, an apartment, or a piece of land, you are typically required to provide a real property disclosure to inform potential buyers of any known defects or issues with the property. This helps to ensure full transparency and allows buyers to make informed decisions.
2. Real estate agents: Real estate agents also play a role in real property disclosure. They often assist sellers in obtaining the necessary disclosure forms, ensuring they are accurately filled out, and presenting them to potential buyers. Real estate agents may also be responsible for explaining the disclosure to buyers and addressing any concerns or questions they may have.
3. Buyers: While buyers do not fill out the real property disclosure themselves, they are the recipients of the information provided by the seller. Buyers need the real property disclosure to make an informed decision about whether to proceed with the purchase of the property or to negotiate repairs or adjustments based on the disclosed information.

For pdfFiller’s FAQs

What is real property disclosure?

Real property disclosure is a document that provides information about a property's condition and history, including any known issues or defects.

Who is required to file real property disclosure?

The seller of a property is usually required to file a real property disclosure.

How to fill out real property disclosure?

To fill out a real property disclosure, the seller must answer questions about the property honestly and completely.

What is the purpose of real property disclosure?

The purpose of real property disclosure is to inform potential buyers about the condition of a property before purchasing.

What information must be reported on real property disclosure?

Information such as past renovations, known issues with plumbing or electrical systems, and any history of water damage must be reported on a real property disclosure.

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