After delivering an Illinois Residential Real Property Disclosure Report, a seller discovers that the original report contained incorrect information about a material defect. What is the seller's obligation before the transaction closes?
Correct Answer
D) The seller must deliver a written supplement to the original disclosure report correcting the inaccuracy before the transfer is completed.
The Illinois Residential Real Property Disclosure Act requires sellers to supplement a previously delivered disclosure report if they later become aware of a material error, inaccuracy, or omission before the conveyance is completed. The supplement must be in writing and delivered to the buyer, ensuring the buyer has accurate information prior to closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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