Aware Yourself about IL or Illinois Real Estate Disclosure Form
In 1998 Illinois enacted and real estate disclosure act to protect buyer and renters from the sellers who provide a fake report regarding their property. In order to do this, the state has invented that consists a set of twenty-two questions to judge the condition of the property properly. Whoever IL or Illinois real estate disclosure form wants to sell or want to put his or her property on rent, needs to fill this form.
Who Needs Real Estate Disclosure Form?
For every real estate property, which is sold from a single family up to the four units or condominiums or even for co-ops, needs real estate disclosure form. In addition to this, properties, which are about to deed in lieu transfer, bankrupt or foreclosure sale, also needs these forms to be submitted by the owner. However, if the seller has not yet been occupied the construction and hasn’t engaged in management responsibilities, then he or she doesn’t need to submit this form.
Disclosure Needed To Be Made On the Form
A total number of 23 separate item lines are there in the IL or Illinois real estate disclosure form to judge the credibility the authenticity of the property. There will be the question which will give an idea to the buyer regarding the condition of the property from plumbing to foundation and everything in between.
Signatories of the Form
According to the law, the real estate disclosure form needs to be signed by the seller at first then after reading and gathering proper knowledge of the property, the buyer need to sign it.
Once the signatories have signed the form, the property is ready to be handed over to the buyer.