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Trulia Chica…, Other/Just Looking in Chicago, IL

What is a Property Disclosure Form?

Asked by Trulia Chicago, Chicago, IL Wed Jan 23, 2013

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Deb Russcol, GRI’s answer
There are several disclosures that should be included when purchasing a condo or home. 1 is the Real Property Disclosure. This form asks the owner to let you know of certain troubles with the unit, building or home of which they are aware. This last part is so important because the owner does not need to get an inspection done to discover any troubles. The form asks if they are aware of any troubles in these areas (i.e. roof, plumbing, fireplace etc).

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.

Deb
The Realtor Who Listens to Your Needs.
773-353-9185
1 vote Thank Flag Link Wed Jan 23, 2013
BEST ANSWER
Known as the RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT simply states a seller or lessor (yes lessor) must disclose any defect known to him or her. This includes known latent defects which are defects in the property that cannot be seen by the eye but the seller or lessor is aware of. The Residential disclosure form should be given to seller or lessor to complete at the time the broker has them sign the listing agreement. At the time the broker receives an offer and the offer is accepted the listing broker must provide the buyer’s broker a copy of the Real Property Disclosure Report to be given to the buyer and the buyer’s attorney for review. The Real Property Disclosure Report in no way takes the place of a professional home inspection. Please review the actual form at your leisure http://www.saveonmls.com/docs/property%20disclosure.pdf

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)

1. http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&am…
0 votes Thank Flag Link Wed Jan 23, 2013
The standard form sellers fill out to provide the buyers any knowledge they have of anything wrong with the property.
0 votes Thank Flag Link Wed Apr 29, 2015
This report is a disclosure of certain conditions of the residential real property listed ... In this form, “am aware” means to have actual notice or actual knowledge without any specific investigation or inquiry.
0 votes Thank Flag Link Thu Jan 24, 2013
The Real Property Disclosure Report is provided by the sellers to the buyers defining what if any issues the home for sale has.
0 votes Thank Flag Link Wed Jan 23, 2013
It shows you whats wrong with the property. Its standard in Illinois.
0 votes Thank Flag Link Wed Jan 23, 2013
A Real Property Disclore Form is a form filled out by Sellers disclosing any know defects/issues with the property. If they have not occupied the property in the last twelve month then they are only disclosing what they know. If they know nothing then they are stating no on the doc. This document is required for all residential property sales 1-4units.
0 votes Thank Flag Link Wed Jan 23, 2013
owner statement of property condition and experience living in home
0 votes Thank Flag Link Wed Jan 23, 2013
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