Under the Illinois Residential Real Property Disclosure Act, which statement correctly describes the effect of an 'as is' clause on a seller's obligation to provide the statutory disclosure report?
Correct Answer
B) The seller must still provide the disclosure report even when the contract is marked 'as is,' because the statutory form expressly states the report does not limit the parties' right to contract 'as is.'
The Illinois Residential Real Property Disclosure Act requires the seller to provide the statutory disclosure report whenever the Act applies, regardless of whether the contract contains an 'as is' clause. The statutory disclosure form itself includes language expressly stating that the report does not limit the parties' right to contract on an 'as is' basis. The two are not mutually exclusive — a seller can sell 'as is' and still must deliver the required report.
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Related Topics & Key Terms
Key Terms:
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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