Before closing, a seller in Illinois discovers that the previously delivered residential disclosure report contained a material error about a physical defect. What is the seller's obligation?
Correct Answer
C) The seller must provide a supplemental disclosure report correcting the material error before the conveyance is completed.
The Illinois Residential Real Property Disclosure Act requires sellers to supplement a prior disclosure report when they become aware of a material error, inaccuracy, or omission before the transfer of the property is completed. This ongoing duty ensures buyers have accurate information prior to closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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