When must an Illinois seller complete a property disclosure form?

In Illinois, sellers are required to complete a property disclosure form unless they claim an exemption. This regulation is designed to ensure transparency in real estate transactions by informing potential buyers of any known issues or conditions affecting the property.

The primary purposes of the property disclosure form are to protect both the buyer and the seller. By disclosing information about the property, the seller mitigates the risk of future legal disputes regarding undisclosed defects. Exemptions might apply in specific situations, such as sales involving certain types of entities or transactions where the property is being sold "as-is."

The timing of the form is crucial; it must be completed and provided to the buyer early in the transaction process to facilitate informed decision-making. This is different from waiting until the closing or only providing the form upon request, which could lead to misunderstandings and potential liability. Thus, it is essential for sellers to understand their obligation regarding the completion of this disclosure form.