An Illinois instructor reviewing disclosure rules presents four statements about current Illinois law. Which one of the following statements is NOT accurate under current Illinois practice?
Correct Answer
C) A seller is required to provide a supplemental disclosure only after the deed has been recorded and title has transferred to the buyer.
Under the Illinois Residential Real Property Disclosure Act (765 ILCS 77/35), a supplemental disclosure must be provided to the buyer before closing — not after the deed is recorded. If the seller discovers a new condition or learns that a previously disclosed condition has materially changed, the supplemental disclosure must be delivered with enough time for the buyer to act on it prior to closing. Requiring disclosure only post-deed would defeat the statute's consumer-protection purpose entirely.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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