A lot goes into selling real estate in Illinois. It is not as simple as finding a buyer and exchanging property for funds. Buyers have a right to know if there are any issues with the property. So, when conducting residential real estate transactions, sellers have a responsibility to disclose any issues that may affect the property value. Failure to honestly disclose such issues could land one in some legal trouble.
What kind of things must one disclose? As previously stated, anything that could negatively impact the property value must be documented. This does not mean that a seller has to go looking for problems. It just means that any known problems must be documented.
If problems are noted, who is responsible for fixing them? This all depends on what is worked out with the buyer. In some cases, a seller may be asked to fix the issues as part of the contract of sale. In other cases, buyers may ask for a price reduction and be willing to fix the problems themselves.
Residential real estate transactions do not have to be horribly difficult to get through. It is important to make sure everything is on the up and up, though, so that a buyer cannot come back to a seller looking for compensation for failure to disclose problems with the property. An experienced real estate attorney can help sellers in Illinois ensure their contracts are legally binding and include all necessary disclosures so that they are protected following the sale of their property.
Source: FindLaw, “Required Real Estate Disclosures When Selling Property“, Accessed on Jan. 29, 2018