The Illinois residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract created by two parties involved in a residential property transaction. The seller and the buyer will negotiate a price and the terms that are to be included in the purchase and sale agreement.
Do Sellers in Illinois Have to Disclose Property Defects?
Illinois does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Illinois
Along with any material defects with the property, sellers in Illinois will also need to provide the following:
- Residential Real Property Disclosure.This form must be completed by the seller and provided to the buyer before a purchase and sale agreement is signed.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Radon. Potential buyers must receive both the Illinois Disclosure of Information on Radon Hazards and the Radon Testing Guidelines for Real Estate Transactions