What does the Residential Real Property Disclosure Act require in Illinois?

The Residential Real Property Disclosure Act in Illinois mandates that sellers of residential real estate must complete a disclosure form that provides potential buyers with important information about the property's condition and history. This requirement aims to promote transparency and protect buyers by ensuring they are aware of any potential issues related to the property before making a purchase.

Sellers are obligated to fill out this disclosure form unless they qualify for certain exemptions, such as in transactions involving brand new homes or properties transferred between family members, among others. This ensures that buyers can make informed decisions based on accurate and complete information.

The other options do not align with the stipulations of the Residential Real Property Disclosure Act. For instance, obtaining a whole house inspection is not a legal requirement under the act, and while representation by licensees must often be documented, this falls under different regulatory requirements. Similarly, writing an appraisal prior to sale is not mandated by this act. Thus, the requirement for sellers to complete the disclosure form is the key obligation stipulated in the law.