Under Illinois law, what obligation arises when a seller becomes aware, before closing, that a previously delivered residential disclosure report contained a material error, inaccuracy, or omission?
Correct Answer
B) The seller must deliver a supplemental disclosure report correcting the error, inaccuracy, or omission before conveyance.
Under the Illinois Residential Real Property Disclosure Act (765 ILCS 77/35), if the seller becomes aware of a material error, inaccuracy, or omission in a previously delivered disclosure report before the conveyance is completed, the seller must supplement that report in writing. The duty to disclose is a continuing obligation that does not end upon delivery of the original report.
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Related Topics & Key Terms
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Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
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