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Showing posts from September 24, 2008

PROPERTY DISCLOSURES

Most Illinois sellers are required to give several different disclosures to prospective home buyers, so that those buyers are made aware of various types of possible (or known) defects. Such property disclosures are required in at least 32 states, some are pretty bare-boned, some are 10 or more pages long.

Locally, we have (a) real property disclosures; (b) lead based paint disclosures; (c) radon disclosures; and in the City of Chicago, (d) heating cost disclosures.

Our real property disclosure covers 21 specifically enumerated types of material defects ranging from unsafe drinking water, to defects in the roof or ceiling, to boundary and lot line disputes.

I just learned of a new one that seems to be an emerging trend in some of our sister states. (Mississippi, Missouri, and South Dakota) now require a seller to disclose whether or not a given property has ever been used as a methamphetamine lab! This disclosure must be made regardless of whether the persons involved in the production…