After delivering the original Illinois Residential Real Property Disclosure Report, a seller discovers information that contradicts a statement made in that report. What is the seller's obligation before closing?
Correct Answer
B) The seller must deliver a supplemental disclosure report correcting the prior statement before the transfer is completed.
The Illinois Residential Real Property Disclosure Act requires a seller who becomes aware of an error, inaccuracy, or omission in a previously delivered disclosure report to provide a written supplemental disclosure before the transfer of the property is completed. The obligation to correct the record is affirmative and must be satisfied in writing prior to conveyance.
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Related Topics & Key Terms
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Related Concepts
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.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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