Under the Illinois Residential Real Property Disclosure Act, when is a seller required to provide a supplemental disclosure report?
Correct Answer
A) When the seller becomes aware of a material error, inaccuracy, or omission in the prior disclosure report before the transfer of the property is completed.
Under 765 ILCS 77/35, a seller who becomes aware of a material error, inaccuracy, or omission in a previously delivered disclosure report must supplement that report before the transfer of the property is completed. The obligation is triggered by the seller's awareness of the material issue, not by any external request or time threshold.
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Related Topics & Key Terms
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Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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.
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