Lessors of Real Estate Forms for Cook
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FAQ
Illinois requires mandatory disclosure by most sellers of property conditions under the Residential Real Property Disclosure Act which applies to real property improved with not less than one nor more than four residential dwelling units; units in residential cooperatives; or, condominium units, including the limited
The Illinois Real Property Act requires sellers to disclose known defects and problems with a property. The law protects buyers from purchasing homes that have serious defects, and it protects sellers from liability for any defects that appear after a sale is completed.
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy thereof to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale.
ByStep Guide to the Real Estate Short Sale ProcessGet a Property Valuation Analysis.Get a Hardship Letter.Contact the Lender for a Short Sale Application.Prepare the Sales Contract.Assemble the Short Sale Package Together.The Loss Mitigator Reviews Your Short Sale Package.More items...?
You need not complete a disclosure form if you never occupied the property and never had management responsibility for it, nor if you hired someone else to manage it. (See 765 ILCS § 77/5.) The law applies to conventional sales, installment sales, and sales of property owned by an Illinois Land Trust.
Realtors are required to ensure the seller completes this form at the time of listing, but if you do not use a Realtor when selling your property, you still are required to complete the disclosure. This law applies to any residential property containing one to four units, including condos and manufactured homes.