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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Illinois, the Residential Real Property Disclosure Act requires sellers of residential real property to complete a property disclosure statement. This document must be provided to a prospective buyer before the signing of a written agreement for the sale of the property. The disclosure statement requires the seller to indicate their awareness of material defects in the property across various categories, such as structural issues, environmental hazards, and issues with major systems (plumbing, electrical, etc.). The seller must disclose known material defects, but is not required to conduct any investigations to discover unknown issues. If a seller knowingly provides false information or fails to provide the disclosure statement, they may be held liable for damages. It's important for sellers to be truthful and thorough in completing the disclosure statement to avoid potential legal consequences.

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Real property

property disclosure statement

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Real property

property disclosure statement

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