What do home sellers need to disclose?

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What do home sellers need to disclose?

On Behalf of | Nov 10, 2021 | real estate transactions

When you’re buying a home, it’s very important that you know about all of the potential damage that is there. You need to see the defects or be informed about them so that you make an offer that is fair. You deserve an opportunity to walk away from a home that has too many defects for you to handle, too.

By law, sellers in Illinois are required to disclose certain kinds of defects and issues with their properties. If they don’t do so, then they could be held liable for the damages as well as for the buyer’s attorney fees. These expenses could end up being substantial.

The mandatory disclosure law is important for homebuyers because it provides them with protection against buying a home in which the damage or defects weren’t disclosed or were intentionally concealed.

What are sellers required to disclose?

Sellers are required to disclose anything that they know about the property. For example, if they know that there is a flood risk or that there is a material defect that was painted over, then they should include these items in their disclosure to the potential buyers.

The disclosure is a way for buyers to decide if they’d like to purchase the property, but it isn’t the only way to find out about defects. Homebuyers should work with home inspectors and talk to neighbors about the area. They may also want to look into purchasing a home warrant to protect them against the cost of any defects found in the future.

When homebuyers look at a list of disclosures, it’s important that they note that the sellers only have to disclose things that they know about. If the seller doesn’t know about damage behind a wall or flooding that has happened in a crawlspace, then they don’t have to disclose it. However, if they do know about these things and try to conceal the defects, then they should be held responsible for misleading the buyer.

Understanding your rights as a homebuyer is essential. Take the time to learn more about the mandatory disclosure law, so you can protect yourself against a bad investment.


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