During a brokerage meeting in Elgin, Casey Turner receives the Illinois disclosure report only after all parties have already signed the contract and asks what remedy the buyer has. What is the best answer under current Illinois law or practice?
Correct Answer
D) The buyer may terminate within 5 business days after receipt of the late report and recover the earnest money or down payment described by the statute.
Under the amended Act, late delivery after contract signing gives the buyer a 5-business-day termination right tied to return of earnest money or down payments.
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Related Topics & Key Terms
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Related Concepts
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.
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.
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