Breaking Down Property Disclosures

Now that you’ve asked the right questions and hired a Realtor, it’s time to prepare your home for the market and fill out the required property disclosures. In Illinois, the required property disclosures are Real Property, Lead-Based Paint, and Radon; are filled out by the sellers and signed by the buyers during the Attorney Review period.

What many people don’t know about these forms is although they are sent by your Realtor, your agent cannot assist you with filling them out. If a seller has any questions they’re advised to reach out to their real estate attorney. This is the law in Illinois to avoid any conflicts of interest, such as a Realtor influencing sellers to cover up any problems that could make the home difficult to sell.

Big-picture, property disclosures inform potential buyers of any material defects or safety hazards that may be found in the home.

Breaking Down The Disclosures:

1. Residential Real Property: provides buyers with information about material defects in the property, such as termite infestations, foundation issues, or unsafe drinking water.
2. Lead-Based Paint: required for any property built prior to 1978. Properties built after 1978 are exempt from this disclosure as lead-based paint was banned by the government.
3. Radon: a gas that naturally occurs in the ground that can lead to certain cancers if there are high levels detected inside the home.

As a common practice, when I am listing a home I require the disclosures to be filled out before the property is active and available for tours. With the housing market moving quickly, every buyer should feel prepared and know what they’re getting into before stepping foot into a home or submitting an offer to purchase.

If you have questions regarding buying or selling a home contact me today at 630.272.6591.

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