Under the Illinois Residential Real Property Disclosure Act, how does an 'as is' clause in a purchase contract affect the seller's obligation to provide a disclosure report?
Correct Answer
D) The seller must still provide the required disclosure report, and the statutory form expressly states that the report does not limit the parties' right to contract on an 'as is' basis.
The Illinois Residential Real Property Disclosure Act requires the seller to deliver a disclosure report whenever the Act applies, regardless of whether the contract contains an 'as is' clause. The statutory disclosure form itself includes language stating that the report does not limit the parties' right to contract 'as is.' The disclosure obligation and an 'as is' agreement can coexist; one does not cancel the other.
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Related Topics & Key Terms
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Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
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.
More Mandated Disclosures Questions
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Federal law requires sellers and landlords to disclose known lead-based paint hazards in residential properties built before what year?
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