After receiving a supplemental disclosure report from the seller, a buyer believes the supplemental disclosure automatically entitles them to cancel the contract without restriction. Which statement correctly describes the buyer's termination rights under Illinois law?
Correct Answer
D) The buyer's right to terminate after a supplemental disclosure is conditioned on the nature of the newly disclosed defect and the seller's repair response, as provided by statute.
Under the Illinois Residential Real Property Disclosure Act (765 ILCS 77), a supplemental disclosure does not create an automatic, unconditional right to cancel. The buyer's termination right is tied to specific statutory conditions, including the nature of the defect disclosed and whether the seller agrees to repair or address it. An unlimited cancellation right triggered by any supplement is not supported by the statute.
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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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