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from Local Attorney, Michael H. Wasserman

Monday, May 18, 2009

LEGISLATIVE ALERT: CHANGES LIKELY for ILLINOIS REAL PROPERTY 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. This disclosure is a critically important safeguard for home buyers and is one of the very first things I look for when I am representing Buyers and Sellers.

Last fall, I blawged about an emerging trend on the National scene, requirements that Sellers disclose their knowledge of whether or not a home has ever been used as a meth lab.

Illinois seems poised to "go with the flow" on that one, and before too much longer, we will likely be adding disclosure point number 22. HB0214 would mandate the disclosure of known usages of residential properties for the manufacture of methamphetamine. The bill was introduced by Pekin, Illinois State Rep. Michael K Smith, and flew through the legislature, passing both houses last Friday (May 15) and awaits the Governor's signature.

Sure, it would be nice to know if the home-of-your dreams was previously used to manufacture illegal narcotics. The argument in favor of disclosure posits that there are toxic by-products involved in the manufacture of methamphetamines.

But does anyone really think that an owner is going to be truthful about his or her home-pharamcology business?

no, i didn't think so.