What Do You Have to Disclose When Selling a House in Illinois

Published on August 26th, 2022

So, you've decided to sell your house! Congratulations! Selling a fire damaged property in Illinois or any state will bring you endless amounts of paperwork and questions that need to be answered for your real estate agent and prospective buyers.

Illinois law requires sellers to fill out a disclosure statement form that goes over material defects based on their actual knowledge of residential real estate sales. These residential real property disclosure forms will be presented to you at the time of listing by your listing broker. But what needs to be disclosed on these forms?

Throughout this article, we will discuss what goes on your disclosure statement, what material defects are, what happens if you make false statements and other facts about Illinois real estate.

What You Need to Disclose About Your Property's Condition to Comply with the Illinois Property Disclosure Act

Illinois home sellers are required to disclose material facts and defects about their residential property to a prospective buyer in a real estate transaction. Additional disclosures, including information about a ground lease or co ops will also need to be disclosed.

Disclosure requirements might vary from one region to the next within Illinois, but the state law sets forth clear guidelines on what must be disclosed by property sellers.

These supplemental disclosure statements for Illinois include information about the Illinois land trust, boundary line disputes, environmental issues, and information that includes is the property being transferred as part of a divorce settlement. Property Defects and Seller Disclosure Requirements

In addition to Illinois-specific disclosure, sellers are required to disclose federally required information about their home and structural defects during a home sale. Items that will be found on this residential real estate property disclosure form include the following:



• Lead based paint, lead paint, and other lead hazards
• A brief statement about the current property's condition including actual damages
• Information about wood boring insects

• Underground fuel storage tanks such as propane or oil tanks
• Disposal system information
• A potential flood risk assessment if appropriate
• Other unsafe conditions such as a leaky roof or bowing walls
• Plumbing system information

Seller Disclosures - A Requirement in Real Estate

Federal law makes disclosures required in all real estate transactions to protect both the home buyers and sellers. An incomplete or inaccurate report that fails to meet federal disclosure law within reasonable belief will protect buyers from purchasing a property with extensive damage.

If a seller fails to present accurate information or engages in deceptive business practices related to their disclosure form, the buyer can take legal action with a law firm.

Legal costs, court fees, other legal needs repair costs, and punitive damages if appropriate, can be sued for by the buyer in accordance with the property disclosure act and purchase agreement, which has the seller held liable for misinformation. Items that can also be sued for include attorney's fees, delivery charges prepaid on behalf of your attorney, and other legal fees.

Speaking with local real estate agents is the best first step a home seller can take to ensure a smooth transaction and negotiation process without being held liable for any property defects.