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When buying/selling a duplex/rental property built before

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1978, what disclosures does the...
When buying/selling a duplex/rental property built before 1978, what disclosures does the law require? Residential? Radon? Lead?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 11 minutes by:
6/17/2015
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 44,504
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
In Illinois you are required to complete a mandatory disclosure for a house you purchased in 1978.It is required as part of closing.
Here is the disclosure form.
https://www.illinois.gov/iema/NRS/Radon/documents/DisclosureRadonHazards.pdf
Law for reference.
http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&ChapAct=765%A0ILCS%A077/&ChapterID=62&ChapterName=PROPERTY&ActName=Residential+Real+Property+Disclosure+Act.
I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.
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Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Moose let me know if you have more here it is never a problem, thanks again.
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Customer reply replied 2 years ago
This is a duplex, rental property. Do you still need a radon disclosure? What about lead?
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
The Illinois Residential Real Property Disclosure Act applies to “sellers” of “residential real property.” Both terms are defined in the law: “Residential real property” is property improved with one to four residential dwelling units, or an individual condominium or cooperative unit. A “seller” is any owner or any beneficiary of a trust that owns the property.
You are not required to complete a disclosure form if you never occupied the property and never had management responsibility for the property, nor hired someone else to manage it. (See 765 Ill. Comp. Stat. § 77/5.) The law applies to conventional sales, installment sales, and sales of property owned by an Illinois Land Trust. (See 765 Ill. Comp. Stat. § 77/10.)
Here is the one for lead again unless you fit the exceptions I listed above you have to disclose.
http://www.hud.gov/offices/lead/library/enforcement/selr_eng.pdf
Reference
http://www.nolo.com/legal-encyclopedia/illinois-home-sellers-disclosures-required-under-state-law.html
Thanks for the follow up.
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Ray
Ray
Ray, Lawyer
Category: Real Estate Law
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