Bill Text: IL SB3940 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Residential Real Property Disclosure Act. Changes the definition of "seller". Defines "contract". Changes the phrases "disclosure document" and "disclosure statement" to "disclosure report". Provides that if a seller is involved in specified types of transfers, the seller is exempt from the Act, regardless of whether a disclosure report is delivered. Provides that the seller shall deliver to the prospective buyer the written disclosure report before the signing of a contract (rather than before the signing of a written agreement by the seller and prospective buyer that would require the prospective buyer to accept a transfer of the residential real property). Provides that if, prior to closing, any seller becomes aware (rather than has actual knowledge) of an error, inaccuracy, or omission in any prior disclosure report or supplement after delivery of that disclosure report or supplement to a prospective buyer, that seller shall supplement the prior disclosure report. Makes changes to the disclosure report form. Provides that if a seller discloses a material defect in the disclosure report, a prospective buyer, within 5 (rather than 3) business days after receipt of the disclosure report, may terminate the contract. Provides that if a seller discloses a material defect in a supplement to the disclosure, the prospective buyer shall not have a right to terminate unless: (i) the material defect results from an error, inaccuracy, or omission of which the seller had actual knowledge at the time of the prior disclosure; (ii) the material defect is not repairable prior to closing; or (iii) the material defect is repairable prior to closing, but within 5 business days after delivery of the supplemental disclosure, the seller declines, or otherwise fails to agree in writing, to repair the material defect. Allows for the disclosure report to be delivered by email or other electronic delivery. Makes other changes. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-02-18 - Rule 3-9(a) / Re-referred to Assignments [SB3940 Detail]
Download: Illinois-2021-SB3940-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Residential Real Property Disclosure Act is | |||||||||||||||||||
5 | amended by changing Sections 5, 15, 20, 30, 35, 40, 45, 50, and | |||||||||||||||||||
6 | 55 as follows:
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7 | (765 ILCS 77/5)
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8 | Sec. 5. Definitions. As used in this Act, unless the | |||||||||||||||||||
9 | context otherwise
requires, the
following terms have the | |||||||||||||||||||
10 | meaning given in this Section : .
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11 | "Residential real property" means real property improved | |||||||||||||||||||
12 | with not less
than one nor more than 4 residential dwelling | |||||||||||||||||||
13 | units; units in residential
cooperatives; or, condominium | |||||||||||||||||||
14 | units, including the limited common elements
allocated to the | |||||||||||||||||||
15 | exclusive use thereof that form an integral part of the
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16 | condominium unit. The term includes a manufactured home as | |||||||||||||||||||
17 | defined in subdivision (53) of Section 9-102 of the Uniform | |||||||||||||||||||
18 | Commercial Code that is real property as defined in the | |||||||||||||||||||
19 | Conveyance and Encumbrance of Manufactured Homes as Real | |||||||||||||||||||
20 | Property and Severance Act.
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21 | "Seller" means every person or entity who : | |||||||||||||||||||
22 | (1) is a beneficiary of an Illinois land trust; or | |||||||||||||||||||
23 | (2) has an interest, legal or equitable, in |
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1 | residential property as: | ||||||
2 | (i) an owner ; , | ||||||
3 | (ii) a beneficiary of a
trust ; , | ||||||
4 | (iii) a beneficiary pursuant to testate | ||||||
5 | disposition, intestate succession, or a transfer on | ||||||
6 | death instrument; or | ||||||
7 | (iv) a contract purchaser or lessee of a ground | ||||||
8 | lease ,
who has an interest (legal or equitable) in | ||||||
9 | residential real property.
However, "seller" shall not | ||||||
10 | include
any person who has both (i) never occupied the | ||||||
11 | residential real property and
(ii) never had the | ||||||
12 | management responsibility for the residential real | ||||||
13 | property
nor delegated such responsibility for the | ||||||
14 | residential real property to another
person or entity . | ||||||
15 | "Seller" does not include a party to a transfer that is | ||||||
16 | exempt under Section 15.
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17 | "Prospective buyer" means any person or entity negotiating | ||||||
18 | or offering
to become an owner or lessee of a ground lease of | ||||||
19 | residential real property by means of a
transfer for value to | ||||||
20 | which this Act applies. | ||||||
21 | "Contract" means a written agreement by the seller and | ||||||
22 | prospective buyer that would, subject to the satisfaction of | ||||||
23 | any negotiated contingencies, require the prospective buyer to | ||||||
24 | accept a transfer of the residential real property.
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25 | (Source: P.A. 98-749, eff. 7-16-14; 99-78, eff. 7-20-15.)
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1 | (765 ILCS 77/15)
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2 | Sec. 15. Seller exemptions. The provisions of this Act do | ||||||
3 | not apply to the following:
A seller in any of the following | ||||||
4 | transfers is exempt from this Act, regardless of whether a | ||||||
5 | disclosure report is delivered:
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6 | (1) Transfers pursuant to court order, including, but not
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7 | limited to, transfers ordered by a probate court in | ||||||
8 | administration of an
estate, transfers between spouses | ||||||
9 | resulting from a judgment of dissolution of
marriage or legal | ||||||
10 | separation, transfers pursuant to an order of possession,
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11 | transfers by a trustee in bankruptcy, transfers by eminent | ||||||
12 | domain, and
transfers resulting from a decree for specific | ||||||
13 | performance.
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14 | (2) Transfers from a mortgagor to a mortgagee by deed in | ||||||
15 | lieu of
foreclosure or consent judgment, transfer by judicial | ||||||
16 | deed issued pursuant to a
foreclosure sale to the successful | ||||||
17 | bidder or the assignee of a certificate of
sale, transfer by a | ||||||
18 | collateral assignment of a beneficial interest of a land
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19 | trust, or a transfer by a mortgagee or a successor in interest | ||||||
20 | to the
mortgagee's secured position or a beneficiary under a | ||||||
21 | deed in trust who has
acquired the real property
by deed in | ||||||
22 | lieu of foreclosure, consent judgment or judicial deed issued
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23 | pursuant to a foreclosure sale.
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24 | (3) Transfers by a fiduciary in the course of the | ||||||
25 | administration of a
decedent's estate, guardianship, | ||||||
26 | conservatorship, or trust. As used in this paragraph, "trust" |
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1 | includes an Illinois land trust.
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2 | (4) Transfers from one co-owner to one or more other | ||||||
3 | co-owners.
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4 | (5) Transfers from a decedent pursuant to testate | ||||||
5 | disposition, or intestate succession , or a transfer on death | ||||||
6 | instrument .
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7 | (6) Transfers made to a spouse, or to a person or persons
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8 | in the lineal line of consanguinity of one or more of the | ||||||
9 | sellers.
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10 | (7) Transfers from an entity that has taken title to
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11 | residential real property from a seller for the purpose of | ||||||
12 | assisting
in the relocation of the seller, so long as the | ||||||
13 | entity
makes available to all prospective buyers a copy of the | ||||||
14 | disclosure report form
furnished to the entity by the seller.
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15 | (8) Transfers to or from any governmental entity.
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16 | (9) Transfers of newly constructed residential real | ||||||
17 | property that has never not
been occupied. This does not | ||||||
18 | include rehabilitation of an existing home.
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19 | (Source: P.A. 88-111.)
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20 | (765 ILCS 77/20)
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21 | Sec. 20. Disclosure report requirements. A seller of | ||||||
22 | residential real property shall
complete all applicable items | ||||||
23 | in the disclosure report document described in Section
35
of | ||||||
24 | this Act . The seller shall deliver to the prospective buyer | ||||||
25 | the written
disclosure report statement required by this Act |
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1 | before the signing of a contract written
agreement by the | ||||||
2 | seller and prospective buyer that would, subject to the
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3 | satisfaction of any negotiated contingencies, require the | ||||||
4 | prospective buyer to
accept a transfer of the residential real | ||||||
5 | property .
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6 | (Source: P.A. 88-111.)
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7 | (765 ILCS 77/30)
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8 | Sec. 30. Disclosure report supplement. If, prior to | ||||||
9 | closing, any seller becomes aware has
actual knowledge of an | ||||||
10 | error, inaccuracy, or omission in any prior disclosure report | ||||||
11 | or supplement
document after delivery of that disclosure | ||||||
12 | report or supplement document to a prospective buyer,
that | ||||||
13 | seller shall supplement the prior disclosure report or | ||||||
14 | supplement document with a written
supplemental disclosure , | ||||||
15 | delivered by any method set forth in Section 50 .
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16 | (Source: P.A. 90-383, eff. 1-1-98; 91-357, eff. 7-29-99.)
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17 | (765 ILCS 77/35)
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18 | Sec. 35. Disclosure report form. The disclosures required | ||||||
19 | of a seller
by this Act shall be made in the following form:
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20 | RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT
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21 | NOTICE: THE PURPOSE OF THIS REPORT IS TO PROVIDE | ||||||
22 | PROSPECTIVE BUYERS WITH
INFORMATION ABOUT MATERIAL DEFECTS IN | ||||||
23 | THE RESIDENTIAL REAL PROPERTY BEFORE THE SIGNING OF A | ||||||
24 | CONTRACT . THIS
REPORT DOES NOT LIMIT THE PARTIES' RIGHT TO |
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1 | CONTRACT FOR THE SALE OF
RESIDENTIAL
REAL PROPERTY IN "AS IS" | ||||||
2 | CONDITION. UNDER COMMON LAW, SELLERS WHO DISCLOSE
MATERIAL | ||||||
3 | DEFECTS MAY BE UNDER A CONTINUING OBLIGATION TO ADVISE THE | ||||||
4 | PROSPECTIVE
BUYERS ABOUT THE CONDITION OF THE RESIDENTIAL REAL | ||||||
5 | PROPERTY EVEN AFTER THE
REPORT IS DELIVERED TO THE PROSPECTIVE | ||||||
6 | BUYER. COMPLETION OF THIS REPORT BY
THE
SELLER CREATES LEGAL | ||||||
7 | OBLIGATIONS ON THE SELLER; THEREFORE THE
SELLER MAY WISH TO | ||||||
8 | CONSULT
AN ATTORNEY PRIOR TO COMPLETION OF THIS REPORT.
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9 | Property Address: ...........................................
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10 | City, State & Zip Code: .....................................
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11 | Seller's Name: ..............................................
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12 | This Report is a disclosure of certain conditions of the | ||||||
13 | residential real
property listed above in compliance with the | ||||||
14 | Residential Real Property
Disclosure Act. This information is | ||||||
15 | provided as of ...(month) ...(day)
...(year) , and does not | ||||||
16 | reflect any changes made or occurring after that date
or | ||||||
17 | information that becomes known to the seller after that date . | ||||||
18 | The
disclosures herein shall not be deemed warranties of any | ||||||
19 | kind by the seller or
any person representing any party in this | ||||||
20 | transaction.
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21 | In this form, " am aware" means to have actual notice or
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22 | actual knowledge without any specific investigation or | ||||||
23 | inquiry.
In this form, "material defect" means a condition | ||||||
24 | that would
have a substantial adverse effect on the value of | ||||||
25 | the residential
real property or that would significantly | ||||||
26 | impair the health or
safety of future occupants of the |
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1 | residential real property
unless the seller reasonably | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | believes that the condition has
been corrected.
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3 | The seller discloses the following information with the
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4 | knowledge that even though the statements herein are not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | deemed
to be warranties, prospective buyers may choose to rely | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | on
this information in deciding whether or not and on what | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | terms
to purchase the residential real property.
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8 | The seller represents that to the best of his or her actual
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9 | knowledge, the following statements have been accurately noted
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10 | as "yes" (correct), "no" (incorrect), or "not applicable" to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | the
property being sold. If the seller indicates that the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | response
to any statement, except number 1, is yes or not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | applicable, the
seller shall provide an explanation , in the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | additional information
area of this form.
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17 | Note: These disclosures are not intended to cover the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | common
elements of a condominium, but only the actual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | residential real
property including limited common elements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | allocated to the
exclusive use thereof that form an integral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | part of the
condominium unit.
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22 | Note: These disclosures are intended to reflect the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | current condition of
the premises and do not include previous | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | problems, if any, that the seller
reasonably believes have | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25 | been corrected.
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26 | If any of the above are marked "not applicable" or "yes", |
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1 | please explain here
or use additional pages, if necessary:
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2 | .............................................................
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3 | .............................................................
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4 | .............................................................
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5 | Check here if additional pages used: .....
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6 | Seller certifies that seller has prepared this report | ||||||
7 | statement and
certifies that the information provided is based | ||||||
8 | on the actual
notice or actual knowledge of the seller without | ||||||
9 | any specific
investigation or inquiry on the part of the | ||||||
10 | seller. The seller
hereby authorizes any person representing | ||||||
11 | any principal in this
transaction to provide a copy of this | ||||||
12 | report, and to disclose
any information in the report, to any | ||||||
13 | person in connection
with any actual or anticipated sale of | ||||||
14 | the property. | ||||||
15 | (This paragraph shall be printed in boldface type.) THE | ||||||
16 | SELLER ACKNOWLEDGES THAT THE SELLER IS REQUIRED TO PROVIDE | ||||||
17 | THIS DISCLOSURE REPORT TO THE PROSPECTIVE BUYER BEFORE THE | ||||||
18 | SIGNING OF THE CONTRACT AND HAS A CONTINUING OBLIGATION, | ||||||
19 | PURSUANT TO SECTION 30 OF THE RESIDENTIAL REAL PROPERTY | ||||||
20 | DISCLOSURE ACT, TO SUPPLEMENT THIS DISCLOSURE PRIOR TO | ||||||
21 | CLOSING.
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22 | Seller: ............................... Date: ...............
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23 | Seller: ............................... Date: ...............
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24 | THE PROSPECTIVE BUYER IS AWARE THAT THE PARTIES MAY CHOOSE
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25 | TO NEGOTIATE AN AGREEMENT FOR THE SALE OF THE PROPERTY SUBJECT | ||||||
26 | TO
ANY OR ALL MATERIAL DEFECTS DISCLOSED IN THIS REPORT ("AS |
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1 | IS").
THIS DISCLOSURE IS NOT A SUBSTITUTE FOR ANY INSPECTIONS | ||||||
2 | OR WARRANTIES
THAT THE PROSPECTIVE BUYER OR SELLER MAY WISH TO | ||||||
3 | OBTAIN
OR NEGOTIATE. (The remainder of this paragraph shall be | ||||||
4 | printed in boldface type.) THE FACT THAT THE SELLER IS NOT | ||||||
5 | AWARE OF A PARTICULAR
CONDITION OR PROBLEM IS NO GUARANTEE | ||||||
6 | THAT IT DOES NOT EXIST.
THE PROSPECTIVE BUYER IS AWARE THAT THE | ||||||
7 | PROSPECTIVE BUYER HE MAY REQUEST AN INSPECTION OF
THE PREMISES | ||||||
8 | PERFORMED BY A QUALIFIED PROFESSIONAL.
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9 | Prospective Buyer: .................. Date: ...... Time: ....
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10 | Prospective Buyer: .................. Date: ...... Time: ....
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11 | (Source: P.A. 98-754, eff. 1-1-15 .)
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12 | (765 ILCS 77/40)
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13 | Sec. 40. Material defect. | ||||||
14 | (a) If a seller discloses a material defect in the | ||||||
15 | Residential Real Property Disclosure Report, including a | ||||||
16 | response to any statement that is answered "yes" except | ||||||
17 | numbers 1 and 2, and, in violation of Section 20, it is | ||||||
18 | delivered to the prospective buyer after all parties have | ||||||
19 | signed a contract, the prospective buyer, within 5 business | ||||||
20 | days after receipt of that report, may terminate the contract | ||||||
21 | or other agreement with the return of all earnest money | ||||||
22 | deposits or down payments paid by the prospective buyer in the | ||||||
23 | transaction without any liability to or recourse by the | ||||||
24 | seller. If a material defect is disclosed in the
Residential
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25 | Real Property Disclosure Report, after acceptance by the |
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1 | prospective
buyer of an offer or counter-offer made by a | ||||||
2 | seller or after
the execution of an offer made by a prospective | ||||||
3 | buyer that
is accepted by the seller for the conveyance of the | ||||||
4 | residential
real property, then the prospective buyer may, | ||||||
5 | within 3
business days after receipt of that report by the | ||||||
6 | prospective
buyer, terminate the contract or other agreement | ||||||
7 | without any
liability or recourse except for the return to | ||||||
8 | prospective buyer
of all earnest money deposits or down | ||||||
9 | payments paid by prospective buyer in the
transaction. | ||||||
10 | (b) If a seller discloses a material defect is disclosed | ||||||
11 | in a supplement to this
disclosure report document , the | ||||||
12 | prospective buyer shall not have a right to terminate
unless : | ||||||
13 | (i) the material defect results from an error, inaccuracy, or | ||||||
14 | omission of
which the seller had actual knowledge at the time | ||||||
15 | the prior
disclosure document was completed and signed by the | ||||||
16 | seller ; (ii) the material defect is not repairable prior to | ||||||
17 | closing; or (iii) the material defect is repairable prior to | ||||||
18 | closing, but within 5 business days after the delivery of the | ||||||
19 | supplemental disclosure, the seller declines, or otherwise | ||||||
20 | fails to agree in writing, to repair the material defect . | ||||||
21 | (c) The right to
terminate the contract, however, shall no | ||||||
22 | longer
exist after the conveyance of the residential real | ||||||
23 | property. For purposes of
this Act the termination shall be | ||||||
24 | deemed to be made when written notice of
termination is | ||||||
25 | personally delivered to at least one of the sellers by any | ||||||
26 | method set forth in Section 50, at the contact information |
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1 | provided by any seller or indicated in the contract or other | ||||||
2 | agreement. Nothing in subsection (a) or (b) shall limit the | ||||||
3 | remedies available under the contract or Section 55 identified
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4 | in the contract or other agreement or when deposited, | ||||||
5 | certified or registered
mail, with the United States Postal | ||||||
6 | Service, addressed to one of the sellers at
the address | ||||||
7 | indicated in the contract or agreement, or, if there is not an
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8 | address contained therein, then at the address indicated for | ||||||
9 | the residential
real property on the report .
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10 | (Source: P.A. 90-383, eff. 1-1-98.)
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11 | (765 ILCS 77/45)
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12 | Sec. 45. Other law. This Act is not intended to limit | ||||||
13 | remedies or modify
any obligation to disclose created by any | ||||||
14 | other statute or that
may exist in common law in order to avoid | ||||||
15 | fraud, misrepresentation, or deceit
in the transaction.
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16 | (Source: P.A. 88-111.)
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17 | (765 ILCS 77/50)
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18 | Sec. 50. Delivery of disclosure report. Delivery of the | ||||||
19 | Residential Real Property Disclosure
Report provided by this | ||||||
20 | Act shall be by:
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21 | (1) personal delivery or facsimile , email, or other | ||||||
22 | electronic delivery to the prospective buyer at the | ||||||
23 | contact information provided by the prospective buyer or | ||||||
24 | indicated in the contract or other agreement ;
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1 | (2) depositing the report with the United States | ||||||
2 | Postal Service,
postage prepaid, first class mail, | ||||||
3 | addressed to the
prospective buyer at the address provided | ||||||
4 | by the prospective
buyer or indicated on the contract or | ||||||
5 | other agreement; or
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6 | (3) depositing the report with an alternative delivery | ||||||
7 | service such as
Federal Express or , UPS, or Airborne, | ||||||
8 | delivery charges prepaid, addressed to the
prospective | ||||||
9 | buyer at the address provided by the prospective buyer or | ||||||
10 | indicated
on the contract or other agreement.
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11 | For purposes of this Act, delivery to one prospective | ||||||
12 | buyer is
deemed delivery to all prospective buyers. Delivery | ||||||
13 | to an authorized
individual acting on behalf of a prospective | ||||||
14 | buyer constitutes delivery to
all prospective buyers. Delivery | ||||||
15 | of the report is effective upon receipt
by the prospective | ||||||
16 | buyer. Receipt may be acknowledged on the report,
acknowledged | ||||||
17 | in an
agreement for the conveyance of the residential real | ||||||
18 | property, or shown in any
other verifiable manner.
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19 | (Source: P.A. 91-357, eff. 7-29-99.)
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20 | (765 ILCS 77/55)
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21 | Sec. 55. Violations and damages. If the seller fails or | ||||||
22 | refuses to
provide the disclosure report document prior to the | ||||||
23 | conveyance of the residential
real
property, the prospective | ||||||
24 | buyer shall have the right to terminate the contract. A seller | ||||||
25 | person
who knowingly violates or fails to perform any duty |
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1 | prescribed by
any provision of this Act or who discloses any | |||||||||||||||||||||||||
2 | information on
the Residential Real Property Disclosure Report | |||||||||||||||||||||||||
3 | that the seller he knows to
be false shall be liable in the | |||||||||||||||||||||||||
4 | amount of actual damages and
court costs, and the court may | |||||||||||||||||||||||||
5 | award reasonable attorney's attorney fees
incurred by the | |||||||||||||||||||||||||
6 | prevailing party.
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7 | (Source: P.A. 90-383, eff. 1-1-98.)
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8 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||||||||
9 | becoming law.
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