As noted in Illinois statute, the purpose of the Illinois Residential Real Property Disclosure Report is for sellers to provide prospective buyers with information about material defects in the residential real property before the signing of a contract.
Where Can I Get a Copy of the Disclosure Form?
There are two ways to get the form:
- Illinois statute provides the format for the form.
- Illinois Realtors publishes the disclosure form. We will provide you a copy of the form, and any other Illinois disclosure, for free when you list on the MLS through us for a one-time fee of $95.
Include Your Disclosures on Your MLS Listing
When you list your home on the MLS with homecoin.com for a one-time fee of $95, we will upload your disclosures directly in your MLS listing, so you can easily comply with Illinois law. Learn more about our flat fee MLS service here: https://homecoin.com/flat-fee-mls/illinois
What Property Types Are Subject to this Disclosure?
Real property improved with not less than 1 nor more than 4 residential dwelling units; units in residential cooperatives; or, condominium units, including the limited common elements allocated to the exclusive use thereof that form an integral part of the condominium unit. The term includes a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code that is real property as defined in the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
Are There Any Exemptions to Providing the Disclosure Report?
Yes, section 15 of the Illinois Residential Real Property Disclosure Act lays out the exemptions. Below is the exemption list as of this writing:
- Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfers pursuant to an order of possession, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
- Transfers from a mortgagor to a mortgagee by deed in lieu of foreclosure or consent judgment, transfer by judicial deed issued pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
- Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust. As used in this paragraph, "trust" includes an Illinois land trust.
- Transfers from one co-owner to one or more other co-owners.
- Transfers from a decedent pursuant to testate disposition, intestate succession, or a transfer on death instrument.
- Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the sellers.
- Transfers from an entity that has taken title to residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure report furnished to the entity by the seller.
- Transfers to or from any governmental entity.
- Transfers of newly constructed residential real property that has never been occupied. This does not include rehabilitation of existing residential real property.
Please sign in to leave a comment.