Under Illinois law, what obligation does a seller have if they discover a material error, inaccuracy, or omission in a previously delivered disclosure report before the closing date?
Correct Answer
A) The seller must deliver a supplemental disclosure report correcting the error, inaccuracy, or omission before conveyance is completed.
Under 765 ILCS 77/35, a seller who becomes aware of a material error, inaccuracy, or omission in a previously delivered Residential Real Property Disclosure Report is required to supplement that report before the transfer of the property is completed. The duty to supplement is triggered by the seller's awareness of the deficiency and must occur prior to conveyance — it is not discretionary.
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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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