I Am Selling My House And Was Asked To Sign A Residential Real Property Disclosure Report. Do I Have To?

Probably…..Yes! Under Illinois’ Residential Real Property Disclosure Act, the sellers of residential properties (between one and four “dwelling units”) have to provide certain information about the condition of the home to prospective buyers. There are exceptions for certain types of sales in which the form does not have to be completed, but in most instances you will need to complete the report. Any defects (as categorized on the form) that you know about or that a buyer can prove that you SHOULD HAVE KNOWN about MUST be disclosed! If a seller tries to hide something, it could spell big problems (in the form of a lawsuit) down the road. Be completely honest and if in doubt, disclose! If there is a problem with the house that makes it unmarketable, you may just need to fix it or else reduce your price; but never, ever try to hide something.