In the state of Illinois, just like in other states, there is a specific set of guidelines that must be followed when selling a home. There are certain disclosures that must be made to ensure the sale of a home is carried out legally and protect both parties in the transaction. Those who are attempting to sell a home need to learn as much as they can about the Residential Real Estate Law in Chicago.
Understanding the Law
Selling a home is a legal process that must be carried out based on the Residential Real Estate Law in Chicago. A seller must be able to make certain disclosures. The law requires sellers to disclose any issues regarding the physical condition of the home or property they are selling.
It is imperative a seller is able to disclose, in writing, everything they know about the physical condition of the property. The seller should disclose any of the following.
* Past flooding
* Flood risks
* Material defects
* Boundary disputes
* Environmental issues
* Defects in structure
* Municipal code violations
* Unsafe conditions
The Illinois Residential Real Property Disclosure Act outlines all of the duties of the seller as far as the disclosure of any property conditions they are aware of before the sale of the home. It is essential for sellers to fill out this form and provide it to any buyer. The form must be filled out in its entirety and given accurate information. The filling out of this form cannot be waived even if the buyer agrees to purchase the home "as is."
Get Legal Help Today
Those who are attempting to sell a home need to consider consulting with a lawyer to help them. Because the sale of a home is a legal process, this is not one to be taken lightly. Getting help from a lawyer will protect a seller’s rights and best interests throughout the process.
If you would like legal help to sell your home, contact the law office of Starr Bejgiert Zink & Rowells today. They will be happy to help you understand the law and your rights as you go through the process of selling your home. Like us on Facebook.