Morgan Owens is reviewing an Illinois issue in Springfield. The person asks whether the Residential Real Property Disclosure Report requires the seller to guarantee that no unknown defect exists. Which statement best applies?
Correct Answer
C) 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
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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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