The simple answer to this question is, yes. Whether you are buying or selling real estate here in Illinois, having an understanding of the laws applicable to this topic is essential. Having legal counsel on mandatory disclosure requirements could keep a seller out of trouble and a buyer in the know.
If a seller knows about a material defect in the home being sold, it would violate Illinois law not to let a potential buyer know about it. Some sellers fear that revealing the problem could scare away potential buyers. This may be true, but the legal consequences for failing to disclose the issue could cost a significant amount of money in damages and attorney’s fees.
For buyers, not knowing what disclosures need to be made could mean missing something important. A less than honest seller could count on a buyer’s ignorance. Even though it may be possible to receive restitution for the failure to disclose the defect once it is found, the buyer is still owner of a property that may not even be inhabitable without major work. Obtaining an award for damages may be possible, but would take time and money that may be in short supply depending on the circumstances.
In order to stay out of trouble, you may benefit from consulting with legal counsel on mandatory disclosure requirements whether you are the seller or the buyer. Even if a problem arises as a result of the disclosures, you may already have the help you need to resolve the issue. The goal is to have your real estate transaction go as smoothly as possible, and with the right knowledge, advice and assistance, it is certainly more likely to happen.