The seller must disclose known material defects to a prospective buyer. Some of the information a seller must provide about the real estate includes: flooding or leakage, including in the crawl space, basement, roof, ceilings, or chimney. material defects in the roof, ceilings, chimney, walls, windows, doors, or floors.
Do you have to disclose a death in a house in Illinois?
Illinois law states that a death at the property, no matter how it occurred, is not classified as a material defect, therefore is not required to be disclosed to the buyer.
Do you have to declare asbestos when selling?
There is no legal requirements to have an asbestos survey of your property done before you go to market. As mentioned above, the owner could be completely unaware of asbestos in the property &. sell it like that.
Is Illinois a caveat emptor state?
Unlike some states, Illinois is not a “buyer beware” state as it relates to residential property. This means that the rule of “Caveat Emptor” does not apply to homes and residential property. As such, sellers are required to meet full disclosure requirements.
Why is it important to prepare the seller for low offers? It will prevent the seller from accepting an offer that is too low. It may prevent the seller from becoming upset with the listing agent if a low offer is presented.