A seller lists a single-family home in Illinois and receives an offer the same day. The seller has not yet prepared the Residential Real Property Disclosure Report. Which of the following actions complies with the Illinois Residential Real Property Disclosure Act?
Correct Answer
A) Deliver the Disclosure Report to the buyer before the purchase contract is signed, even if it delays acceptance of the offer.
Section 20 of the Residential Real Property Disclosure Act requires the seller to deliver the written Disclosure Report to the prospective buyer before the contract is signed. If the report is not yet prepared when an offer arrives, the seller must complete and deliver it before executing the contract. The Act does not permit the urgency of an offer to override the buyer's right to receive material property condition information prior to being contractually bound.
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Related Topics & Key Terms
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Related Concepts
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
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