28% of buyers in the US discover hidden issues long after closing the deal. One-third of them blame sellers for not being upfront about it. The last thing you want is for your buyer to sue you for undisclosed issues. An Illinois seller’s disclosure helps you prevent that.
But finding the right disclosure can be tricky, and just one missed issue could cost you a fortune! Houzeo, Illinois’s best home-selling website, removes this risk by automatically assigning the right forms for your sale. You can complete them online in just a few steps.
KEY TAKEAWAYS
- When to Disclose: Share your Illinois seller disclosure form with buyers early on, ideally before offers come in. This builds trust and helps avoid deal delays.
- What to Disclose: List down defects like roof leaks, mold, electrical issues, or legal disputes that impact home value.
- Hidden Problems Count Too: Even if a defect isn’t easy to see, like foundation cracks or water damage, you still have to report it.
- Disclosures Can Save You Thousands: Around 77% of real estate lawsuits are linked to disclosure issues. Being upfront helps you avoid costly legal battles.
What Is a Seller’s Property Disclosure in Illinois?
A seller disclosure, Illinois legally requires homeowners to disclose the property’s condition, history, and known issues. This Illinois residential real property disclosure ensures buyers understand any factors affecting the home’s value or safety.
Moreover, seller disclosure ensures transparency in real estate transactions. It also helps to minimize legal risks and attract serious buyers. Overall, it makes the selling process smoother.
What Are the Real Estate Disclosure Laws in Illinois?
Illinois requires sellers to disclose known material defects using a state-mandated form. The disclosure must cover all significant problems affecting the property’s value.
What is the Illinois Real Property Disclosure Act?
The Illinois Real Property Disclosure Act mandates seller transparency about known defects. This law ensures buyers receive honest property condition reports. It holds sellers legally accountable for disclosures.
To sell my house fast in Illinois, submit the required disclosure form first. List all known issues, but avoid guessing unknown problems. Proper disclosures prevent legal risks during quick sales.
What Do You Have to Disclose When Selling a House in Illinois?
The property disclosure form in Illinois covers 23 separate line items that address what needs to be disclosed when selling a house:
| Sr. No. | Items |
|---|---|
| 1. | Whether the seller occupied the property during the last 12 months? |
| 2. | Was there flooding or leakage in the crawlspace or basement? |
| 3. | Is the property in a flood plain or is there flood insurance on the property? |
| 4. | Are there defects in the basement foundation? |
| 5. | Are there leaks or defects in the roof, ceilings or chimney? |
| 6. | Are there defects in the walls or floors? |
| 7. | Are there defects in the electrical system? |
| 8. | Are there defects in the plumbing system (which includes water heaters, sump pumps, treatment systems, sprinkler systems, and swimming pools)? |
| 9. | Are there defects in the well system? |
| 10. | Is the drinking-water safe? |
| 11. | Are there defects in the HVAC system? |
| 12. | Are there defects in the fireplace or woodburning stove? |
| 13. | Are there defects in the septic, sanitary sewer, or disposal system? |
| 14. | Are the radon levels safe? |
| 15. | Are there unsafe asbestos conditions? |
| 16. | Are there unsafe conditions regarding lead paint, lead pipes, or lead in the soil? |
| 17. | Is there settlement or earth instability? |
| 18. | Are there termites or other wood-boring insects? |
| 19. | Did termites or wood-boring insects leave structural defects from a pest infestation? |
| 20. | Are there underground fuel storage tanks |
| 21. | Are there any boundary line disputes? |
| 22. | Have there been any violations of any laws relating to the property? |
| 23. | Was the property ever used as a methamphetamine lab? |
Material Defects
Sellers must report all known hidden defects in the property. You must clearly list these problems on the Illinois Property Disclosure Form.
- Structural damage (foundation cracks, roof leaks)
- Environmental dangers (lead paint, asbestos)
- Flood risks (past flooding or flood zone location)
- Safety hazards (faulty wiring, broken railings)
- Pest infestations (termite damage)
- Plumbing or electrical system problems.
Federal Lead-Based Paint Disclosure
Homes built before 1978 require lead paint disclosure Illinois regulations by law. Sellers must complete the lead-based paint disclosure Illinois form and provide the EPA safety pamphlet.
Pre-listing lead certifications can prevent closing delays. Undisclosed lead hazards may lead to legal consequences. Proper documentation protects sellers from future disputes.
What Is the Penalty for an Incorrect Illinois Home Disclosure?
Undisclosed defects risk contract cancellation and fraud lawsuits in Illinois. State law (765 ILCS §77/55) imposes actual damages plus legal fees. Even aware buyers can hold sellers liable for false statements.
Complete your Illinois seller disclosures form carefully and honestly. List all known defects and past repairs accurately. Consult an attorney for legal questions about disclosures. Your agent can explain Illinois disclosure requirements clearly.
👉 Get All Required Disclosures Assigned Automatically – List Now!
Most Common Mistakes By FSBO Home Sellers in Disclosures
Realtor disclosure forms help FSBO sellers in Illinois build trust. These property disclosures promote full transparency to buyers. Sellers must know what needs to be disclosed for a smooth sale.
First, submit disclosures early when selling without an agent. Next, follow state deadlines precisely to maintain smooth transactions. Most importantly, honest disclosures prevent lawsuits while keeping sales on track. Finally, document everything carefully because this protects you as an FSBO seller.
Since the number of homes for sale in Illinois is rising, buyers may choose to look for a more suitable house if they find inconsistencies with your disclosure. So ensure that you fill out the forms accurately.
Tips to Minimize Issues in Illinois Disclosure Documents
| Review And Verify | You typically get 10 days to verify all purchase agreement details—including square footage, usage, and marketing claims. |
| Ask Questions | Ask questions when in doubt. This would help you avoid future troubles. |
| Hire A Professional Inspector | Hire a professional inspector to document the property’s condition—consider a pre-inspection before listing. » Illinois Home Inspectors – Find out the best home inspectors in Illinois. |
| Review the Disclosure Carefully: | You can compare your forms with the ones offered by top For Sale By Owner site to make sure you didn’t forget anything important. |
| Get A Licensed Agent Involved | Hire a licensed Illinois real estate agent to avoid disclosure issues—they’ll guide you properly. |
How Important Is the Seller’s Disclosure Statement in Illinois?
The seller’s disclosure in Illinois ensures transparency about property conditions for buyers. A home disclosure informs buyers of known defects before finalizing the sale. Understanding what real estate disclosures and a thorough realty disclosure can protect both parties.
Once your disclosures are ready, the next step is listing. With the best Flat Fee MLS listing service in Illinois, you can get your home on the market fast, typically within 48 hours, while saving thousands by avoiding traditional agent commissions.
