You know your Illinois home better than anyone, including its flaws. If you’re selling your home, you may be wondering how much you need to reveal on the Illinois seller disclosure form, officially known as the Residential Real Property Disclosure Report. Disclosure forms provide potential buyers with a clearer picture of your property’s condition, enabling them to make a more informed decision. They can also protect you from possible legal headaches. In this post, we’ll tell you what to expect, how much detail to provide, and what could go wrong if you leave something out. We’ll also provide a downloadable Disclosure Litmus Test to help you identify any red flags.
The Illinois seller disclosure form, or Residential Real Property Disclosure Report, is a 4-page document developed by the Illinois Realtors. It’s designed to help you disclose any known issues or facts about your home that could impact its value or a buyer’s decision to go through with the sale. Illinois law requires sellers to disclose all material facts — in other words, anything that could impact the buyer’s use or enjoyment of the property. The Residential Real Property Disclosure Report form acts as a guide to help you do this thoroughly. It covers everything from structural issues and past repairs to neighborhood conditions and HOA rules.What is the Illinois seller disclosure form?
