(765 ILCS 77/Art. 2 heading)
(765 ILCS 77/5)
Sec. 5. Definitions. As used in this Act, unless the context otherwise
requires, the
following terms have the meaning given in this Section:
"Residential real property" means real property improved with not less
than one nor more than 4 residential dwelling units; units in residential
cooperatives; or, condominium units, including the limited common elements
allocated to the exclusive use thereof that form an integral part of the
condominium unit. The term includes a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code that is real property as defined in the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
"Seller" means every person or entity who:
"Seller" does not include a party to a transfer that is exempt under Section 15.
"Prospective buyer" means any person or entity negotiating or offering
to become an owner or lessee of a ground lease of residential real property by means of a
transfer for value to which this Act applies.
"Contract" means a written agreement by the seller and prospective buyer that would, subject to the satisfaction of any negotiated contingencies, require the prospective buyer to accept a transfer of the residential real property.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/10)
Sec. 10.
Except as provided in Section 15, this Act applies to any
transfer
by sale, exchange, installment land sale contract, assignment of beneficial
interest, lease with an option to purchase, ground lease, or assignment of
ground lease of residential real property.
(Source: P.A. 88-111.)
(765 ILCS 77/15)
Sec. 15. Seller exemptions.
A seller in any of the following transfers is exempt from this Act, regardless of whether a disclosure report is delivered:
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/20)
Sec. 20. Disclosure report requirements. A seller of residential real property shall
complete all items in the disclosure report described in Section
35. The seller shall deliver to the prospective buyer the written
disclosure report required by this Act before the signing of a contract.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/25)
Sec. 25.
Liability of seller.
(a) The seller is not liable for any error, inaccuracy, or
omission of any information delivered pursuant to this Act if (i) the seller
had no knowledge of the error, inaccuracy, or omission, (ii) the error,
inaccuracy, or omission was based on a reasonable belief that a material defect
or other matter not disclosed had been corrected, or (iii) the error,
inaccuracy, or omission was based on information provided by a public agency or
by a licensed engineer, land surveyor, structural pest control operator, or by
a
contractor about matters within the scope of the contractor's occupation and
the seller had no knowledge of the error, inaccuracy, or omission.
(b) The seller shall disclose material defects of which the
seller has actual knowledge.
(c) The seller is not obligated by this Act to make any
specific investigation or inquiry in an effort to complete the
disclosure statement.
(Source: P.A. 90-383, eff. 1-1-98.)
(765 ILCS 77/30)
Sec. 30. Disclosure report supplement. If, prior to closing, any seller becomes aware of an error, inaccuracy, or omission in any prior disclosure report or supplement
after delivery of that disclosure report or supplement to a prospective buyer,
that seller shall supplement the prior disclosure report or supplement with a written
supplemental disclosure, delivered by any method set forth in Section 50.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/35)
Sec. 35. Disclosure report form. The disclosures required of a seller
by this Act shall be made in the following form:
NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE PROSPECTIVE BUYERS WITH
INFORMATION ABOUT MATERIAL DEFECTS IN THE RESIDENTIAL REAL PROPERTY BEFORE THE SIGNING OF A CONTRACT. THIS
REPORT DOES NOT LIMIT THE PARTIES' RIGHT TO CONTRACT FOR THE SALE OF
RESIDENTIAL
REAL PROPERTY IN "AS IS" CONDITION. UNDER COMMON LAW, SELLERS WHO DISCLOSE
MATERIAL DEFECTS MAY BE UNDER A CONTINUING OBLIGATION TO ADVISE THE PROSPECTIVE
BUYERS ABOUT THE CONDITION OF THE RESIDENTIAL REAL PROPERTY EVEN AFTER THE
REPORT IS DELIVERED TO THE PROSPECTIVE BUYER. COMPLETION OF THIS REPORT BY
THE
SELLER CREATES LEGAL OBLIGATIONS ON THE SELLER; THEREFORE THE
SELLER MAY WISH TO CONSULT
AN ATTORNEY PRIOR TO COMPLETION OF THIS REPORT.
Property Address: ............................................
City, State & Zip Code: ......................................
Seller's Name: ...............................................
This Report is a disclosure of certain conditions of the residential real
property listed above in compliance with the Residential Real Property
Disclosure Act. This information is provided as of ...(month) ...(day)
...(year). The
disclosures herein shall not be deemed warranties of any kind by the seller or
any person representing any party in this transaction.
In this form, "aware" means to have actual notice or
actual knowledge without any specific investigation or inquiry.
In this form, "material defect" means a condition that would
have a substantial adverse effect on the value of the residential
real property or that would significantly impair the health or
safety of future occupants of the residential real property
unless the seller reasonably believes that the condition has
been corrected.
The seller discloses the following information with the
knowledge that even though the statements herein are not deemed
to be warranties, prospective buyers may choose to rely on
this information in deciding whether or not and on what terms
to purchase the residential real property.
The seller represents that to the best of his or her actual
knowledge, the following statements have been accurately noted
as "yes" (correct), "no" (incorrect), or "not applicable" to the
property being sold. If the seller indicates that the response
to any statement, except number 1, is yes or not applicable, the
seller shall provide an explanation in the additional information
area of this form.
Note: These disclosures are not intended to cover the common
elements of a condominium, but only the actual residential real
property including limited common elements allocated to the
exclusive use thereof that form an integral part of the
condominium unit.
Note: These disclosures are intended to reflect the current condition of
the premises and do not include previous problems, if any, that the seller
reasonably believes have been corrected.
If any of the above are marked "not applicable" or "yes", please explain here
or use additional pages, if necessary:
..............................................................
..............................................................
..............................................................
Check here if additional pages used: .....
Seller certifies that seller has prepared this report and
certifies that the information provided is based on the actual
notice or actual knowledge of the seller without any specific
investigation or inquiry on the part of the seller. The seller
hereby authorizes any person representing any principal in this
transaction to provide a copy of this report, and to disclose
any information in the report, to any person in connection
with any actual or anticipated sale of the property.
(This paragraph shall be printed in boldface type.) THE SELLER ACKNOWLEDGES THAT THE SELLER IS REQUIRED TO PROVIDE THIS DISCLOSURE REPORT TO THE PROSPECTIVE BUYER BEFORE THE SIGNING OF THE CONTRACT AND HAS A CONTINUING OBLIGATION, PURSUANT TO SECTION 30 OF THE RESIDENTIAL REAL PROPERTY DISCLOSURE ACT, TO SUPPLEMENT THIS DISCLOSURE PRIOR TO CLOSING.
Seller: ............................... Date: ................
Seller: ............................... Date: ................
THE PROSPECTIVE BUYER IS AWARE THAT THE PARTIES MAY CHOOSE
TO NEGOTIATE AN AGREEMENT FOR THE SALE OF THE PROPERTY SUBJECT TO
ANY OR ALL MATERIAL DEFECTS DISCLOSED IN THIS REPORT ("AS IS").
THIS DISCLOSURE IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES
THAT THE PROSPECTIVE BUYER OR SELLER MAY WISH TO OBTAIN
OR NEGOTIATE. (The remainder of this paragraph shall be printed in boldface type.) THE FACT THAT THE SELLER IS NOT AWARE OF A PARTICULAR
CONDITION OR PROBLEM IS NO GUARANTEE THAT IT DOES NOT EXIST.
THE PROSPECTIVE BUYER IS AWARE THAT THE PROSPECTIVE BUYER MAY REQUEST AN INSPECTION OF
THE PREMISES PERFORMED BY A QUALIFIED PROFESSIONAL.
Prospective Buyer: .................. Date: ...... Time: ....
Prospective Buyer: .................. Date: ...... Time: ....
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/40)
Sec. 40. Material defect.
(a) If a seller discloses a material defect in the Residential Real Property Disclosure Report, including a response to any statement that is answered "yes" except numbers 1 and 2, and, in violation of Section 20, it is delivered to the prospective buyer after all parties have signed a contract, the prospective buyer, within 5 business days after receipt of that report, may terminate the contract or other agreement with the return of all earnest money deposits or down payments paid by the prospective buyer in the transaction without any liability to or recourse by the seller.
(b) If a seller discloses a material defect in a supplement to this
disclosure report, the prospective buyer shall not have a right to terminate
unless: (i) the material defect results from an error, inaccuracy, or omission of
which the seller had actual knowledge at the time the prior
disclosure was completed and signed by the seller; (ii) the material defect is not repairable prior to closing; or (iii) the material defect is repairable prior to closing, but within 5 business days after the delivery of the supplemental disclosure, the seller declines, or otherwise fails to agree in writing, to repair the material defect.
(c) The right to
terminate the contract, however, shall no longer
exist after the conveyance of the residential real property. For purposes of
this Act the termination shall be deemed to be made when written notice of
termination is delivered to at least one of the sellers by any method set forth in Section 50, at the contact information provided by any seller or indicated in the contract or other agreement. Nothing in subsection (a) or (b) shall limit the remedies available under the contract or Section 55.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/45)
Sec. 45. Other law. This Act is not intended to limit remedies or modify
any obligation to disclose created by any other statute or that
may exist in common law in order to avoid fraud, misrepresentation, or deceit
in the transaction.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/50)
Sec. 50. Delivery of disclosure report. Delivery of the Residential Real Property Disclosure
Report provided by this Act shall be by:
For purposes of this Act, delivery to one prospective buyer is
deemed delivery to all prospective buyers. Delivery to an authorized
individual acting on behalf of a prospective buyer constitutes delivery to
all prospective buyers. Delivery of the report is effective upon receipt
by the prospective buyer. Receipt may be acknowledged on the report,
acknowledged in an
agreement for the conveyance of the residential real property, or shown in any
other verifiable manner.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/55)
Sec. 55. Violations and damages. If the seller fails or refuses to
provide the disclosure report prior to the conveyance of the residential
real
property, the prospective buyer shall have the right to terminate the contract. A seller
who knowingly violates or fails to perform any duty prescribed by
any provision of this Act or who discloses any information on
the Residential Real Property Disclosure Report that the seller knows to
be false shall be liable in the amount of actual damages and
court costs, and the court may award reasonable attorney's fees
incurred by the prevailing party.
(Source: P.A. 102-765, eff. 5-13-22.)
(765 ILCS 77/60)
Sec. 60.
No action for violation of this Act may
be commenced later than one year from the earlier of the date of
possession, date of occupancy, or date of recording of an instrument of
conveyance of the residential real property.
(Source: P.A. 88-111.)
(765 ILCS 77/65)
Sec. 65.
A copy of Sections 5 through 65 of Article 2 of this Act, excluding Section 35, must
be printed on or as a part of the Residential Real Property
Disclosure Report form.
(Source: P.A. 102-765, eff. 5-13-22.)