Five Required Disclosures When Selling Property

When you are selling real estate in Illinois, you are required to disclose certain information to the buyer. This allows them to make a fully informed decision about whether or not they want to proceed with purchasing the property. Wrongfully withholding information can result in being sued by the buyer and you could be responsible for any damages incurred as a result of the defect and more. Failure to disclose can expose you to a suit for not only a breach of the contract, but also breach of warranty, fraud, negligence, and/or negligent misrepresentation.

The Residential Real Property Disclosure Act outlines the disclosures sellers must make. They tend to fall into the following five categories (read on to learn about 5 of the seller’s disclosure obligations in Illinois): 

  1. Past flooding and flood risk

Are you aware of flooding or recurring leakage problems in the crawl space or basement? Is the property located in a flood plain? Do you currently have flood hazard insurance on the property? Are there leaks in the roof, ceiling, or chimney?

  1. Boundary line disputes

Have you had any disputes with neighbors about where their property ends and yours begins?

  1. Unsafe conditions

Is the drinking water unsafe? Is there an unsafe concentration of radon on the premises? Are there unsafe concentrations of or conditions relating to asbestos? Are there unsafe conditions related to lead paint, lead pipes, or lead in the soil? Are you aware of mine subsidence, underground pits, settlement, sliding, upheaval, or other earth stability defects on the property? Is there any active termite infestation or structural damage from past infestations? Is there an underground fuel storage on the property? And (don’t laugh) has the property ever been used to manufacture methamphetamine? 

  1. Code violations

Have you received notice of violation of local, state, or federal laws or regulations relating to this property and not corrected the violation?

  1. Material defects

Are there material defects (including cracks or bulges) in any of these places?

  • Basement 
  • Foundation 
  • Roof 
  • Ceilings 
  • Chimney 
  • Walls 
  • Windows 
  • Doors
  • Floors
  • Electrical system
  • Plumbing system
  • Well equipment
  • Heating, AC, or ventilating system
  • Fireplace or wood burning stove
  • Disposal systems

Need more information about required disclosures for selling real estate? At Auricchio Law Offices, we have the knowledge and experience to help you with all legalities of your real estate matters, from transactional services to litigation-related services. We offer a free initial consultation for new clients. Give us a call at  (312) 263-0010 to learn more!

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Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.

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