As someone who is currently in the process of placing your Illinois home on the market, you may be learning as you go and discovering something new at every turn. If you are like many home sellers who are navigating their way through today’s housing market, you may also have questions about what, exactly, the law requires that you disclose to potential buyers.
According to Forbes, failing to disclose something about your home when the law requires that you do so can come back to bite you in a big way, and it can lead to substantial financial and, potentially, even legal, hardship. Thus, it is critical that you recognize the types of matters and details you have to disclose when selling your home, and you must do so even if the disclosures might make it more difficult to find a buyer.
For instance, when selling your home, you have to tell potential buyers if your house contains lead-based paint, which can present a serious and potentially deadly health hazard for inhabitants. If your home has had issues with termites or similar wood-boring insects that have the potential to impact its overall stability, you must also disclose this information to potential buyers.
As a home seller, you also have an obligation to tell potential buyers if there are property drainage issues relating to the home. For example, you must share details about any flooding or leakage issues affecting the basement, and you must also disclose if the home sits in a flood plain. While these are some of the things laws require you to tell potential homebuyers, please note that this is not an exhaustive list of all possible required disclosures.
This information about your disclosure requirements as an Illinois home seller is educational in nature and does not constitute legal advice.