While I am able to give you a general summary of the Real Property Disclosure Report it is important to know what is mean by Real Property as defined by our state, "Residential real property" means real property improved with not less than one 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.(1)
Please note according to Illinois law this report should also be given in lessee situations for the above type named dwellings.
"Seller" means every person or entity who is an owner, beneficiary of a trust, contract purchaser or lessee of a ground lease, who has an interest (legal or equitable) in residential real property. However, "seller" shall not include any person who has both (i) never occupied the residential real property and (ii) never had the management responsibility for the residential real property nor delegated such responsibility for the residential real property to another person or entity. (1)
"Prospective buyer" means any person or entity negotiating or offering to become an owner or lessee of residential real property by means of a transfer for value to which this Act applies. (1)
The other disclosures are similar and address lead based paint, radon and mold.
If you are home hunting then your Buyer's agent will be sure to get these for you on any property you are interested in. Please call for more information and some direction on homes that meet your needs.
The Realtor Who Listens to Your Needs.