IMPORTANT: Change to Illinois Residential Disclosure Form
As of January 1, there was an important change to the Illinois Residential Disclosure Act. Question #6 now reads:
I am aware of material defects in the walls, windows, doors or floors. Windows and doors were not included in the previous version.
There is no question that the revised form is the one to be used after January 1, but what about existing listings? Must all seller's complete a new form?
From a risk management perspective, it would be a wise move to have your seller clients provide a new Seller Disclosure Form.
If exempt from disclosure under the previous law, that exemption would still apply.
If the seller has any questions, or refuses to sign the new form, you should refer the seller client to there own attorney for specific advice.
Special note for buyer representatives, If you represent the buyer, and disclosure has been made, it would be a good practice to refer them to their for advice about the disclosure they received.
Posted on Sat, January 3, 2015
by Mike Fair