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What are your disclosure obligations?

As a resident of Illinois who is set to sell your house soon, you should get to know your obligatory disclosures. These are the pieces of information about your home that you must make public knowledge before attempting to sell the house.

The Illinois General Assembly takes a look at the Residential Real Property Disclosure Act. This act defines all of the various situations, issues, features, and so on that you must disclose to potential buyers. You must state in writing what the safety, quality, and overall healthfulness of your property is like. This may include making mention of things like:

  • Any unsafe conditions
  • Past floods and current flood risks
  • Municipal code violations
  • Material defects in structures or components of the home
  • Boundary line disputes
  • Environmental problems

The intention of this disclosure act is to ensure that no home owner purposefully hides known problems with their property in the hopes of getting someone else to pay for the burden without realizing what they’re taking on. It ensures that the seller is getting a safe home to move into, or that if it isn’t entirely safe, they understand what they are paying for and know that they will likely need to make changes to improve the environment.

If you are looking into selling your home, it is important for you to abide by all of these obligations. It can help to have an experienced attorney on hand who knows how to look for all of the information you must disclose, preventing you from getting into trouble.