During a brokerage meeting in Elgin, Sawyer Walker asks whether the Residential Real Property Disclosure Report requires the seller to guarantee that no unknown defect exists. What is the best answer under current Illinois law or practice?
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
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.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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