Riley Iverson is reviewing an Illinois issue in Rockford. The person asks whether the Residential Real Property Disclosure Report requires the seller to guarantee that no unknown defect exists. Which statement best applies?
Correct Answer
D) No. The report addresses the seller's actual knowledge of listed conditions; it is not a guarantee against every unknown defect.
The statutory form is a disclosure of specified conditions within the seller's knowledge, not an absolute warranty against unknown problems.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
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