Under the Illinois Residential Real Property Disclosure Act, what right does a buyer have when the seller delivers the disclosure report after the contract has already been signed?
Correct Answer
D) The buyer may terminate the contract within 5 business days after receiving the late report and is entitled to the return of any earnest money or down payment.
Under the Illinois Residential Real Property Disclosure Act, when a seller delivers the disclosure report after the contract is signed, the buyer has 5 business days from receipt to terminate the contract and recover any earnest money or down payment. This statutory right exists specifically to protect buyers who did not receive the report before entering into the agreement.
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Related Topics & Key Terms
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Related Concepts
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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