Required Seller Disclosures
Required Seller Disclosures
Home seller disclosures are documents provided by the seller to the buyer that disclose information about the property and its condition. The purpose of these disclosures is to provide the buyer with full and accurate information about the property, so they can make an informed decision about their purchase. Some common disclosures required by law include:
Property condition disclosure statement (Real Property Disclosure Report)
Lead-based paint disclosure (if applicable)
Radon gas disclosure
Homeowner's association (HOA) disclosures
In Illinois, a home seller has a legal obligation to disclose known material defects about the property to the buyer. Material defects are any problems with the property that would significantly affect its value or use. Failure to disclose material defects can result in legal liability for the seller. If a buyer discovers a material defect after closing that was not disclosed by the seller, they may be able to file a lawsuit to recover damages, including the cost of repairing the defect, diminution in value, or any other losses resulting from the defect. It's important for sellers to provide accurate and complete information in their disclosures to minimize their risk of legal liability.
If you have questions about disclosure obligations, please contact me to discuss.