This just in…

Take note that the Illinois Residential Real Property Disclosure Act (the Act) has been updated. The change became effective Aug. 4, 2023 upon Governor Pritzker’s signature.

The Disclosure Report required for most sellers in residential transactions does not change. However, the definition of seller has been tweaked somewhat to reduce the class of sellers who would need to complete the form.

Here is the key explanation:

The definition of seller under the Act does NOT include a beneficiary who BOTH (i) never occupied the residential real property AND (ii) never had management responsibility for it.

In other words, if a seller is a beneficiary and does occupy the property OR has management responsibility for it (i.e., is an absentee owner), this beneficiary IS a seller under the Act and must complete the report to the best of their actual knowledge.

While the Disclosure Report does not change in any respect, those who fall under the definition of Seller do change somewhat. Also, the amended language is contained in Article 2 of the Act, a copy of which must accompany the Disclosure Report. As a result, Illinois REALTORS® is changing the publication date on both versions of Form 108 to Aug. 4, 2023, indicating the disclosure package shows the most recent statutory language.

If you have a listing that is not yet under contract, it would be prudent for the seller to use the most current document and/or visit with seller’s legal counsel for specific advice on this matter.

Illinois REALTORS® members can access the new form at www.illinoisrealtors.org/legal/forms. Login is required.