When selling a home in Illinois, there are certain disclosures you must make to a potential buyer. It is a legal requirement meant to ensure a fair and transparent transaction between the buyer and seller.
The information you are required to disclose is outlined in The Illinois Residential Real Property Disclosure Act. In a nutshell, you should inform a potential buyer of everything in your knowledge about the property that would influence their decision to complete the purchase. Below are some of the things you must disclose as the seller.
You are required to disclose all known defects
You must disclose any known issues with the property, from leaks and foundation problems to electrical and plumbing issues. You should also include information about any dangerous concentrations of environmental hazards like lead paint, radon and asbestos that could affect the property.
Other information you should disclose include whether the property has been used for the manufacture of methamphetamine, an infestation of termites, any unsafe conditions and the existence of boundary disputes, among others.
The potential consequences of withholding information
It is crucial for sellers to be honest and thorough when disclosing information about their property. Failure to disclose material defects can result in legal action and may lead to a canceled sale or even a lawsuit. Additionally, buyers have the right to rescind the contract within five business days of receiving the disclosure report if they discover a material defect that was undisclosed.
Protect yourself from liability
If you are planning to sell your home or are already in the process, it is best to seek professional guidance on the do’s and don’ts. Legal compliance is one area you don’t want to get wrong. With the proper guidance, you will be assured of a smooth transaction and shield yourself from potential legal or financial liability.