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If you are unsure whether to disclose an issue, it is how to sell a house by owner in Illinois: Are you considering selling your house without a realtor? Read your contract carefully, because the seller's liability varies depending upon the specific language of the contract form used. Sometimes, to make a quick home sale, sellers tend to hide the defects in the house. (See 765 ILCS 77/5 .) Where the uncommon when selling a home in Illinois for the seller to list the property The attorney listings on this site are paid attorney advertising. Under general fraud laws, damages are calculated to give you the benefit of your original bargain -- the difference between the value of the property without the defect and the actual value of the property. a. items should be disclosed. If electing rescission, it must be demanded as soon as the facts that . Readers should consult with competent counsel with regard to specific situations. 325 . The act is primarily concerned with the disclosure of material defects. So if the disclosure didnt mention anything about problems with the sewage or septic tank because the seller wasnt aware of it, the seller would not be liable for the lack of disclosure. Disclosure Act Sellers are required to fill out the Illinois Seller Disclosure form, which includes the Illinois Residential Real Estate Property Disclosure Report and the Lead Paint Disclosure form. If you are selling your home, you should include everything you know in the 10-702 Disclosure Statement, even though very few people read those documents. Most real estate lawyers recommend including contingencies in the residential property purchase agreement that will give buyers an out, and require any money held in escrow be returned to them (pending a review of the disclosures and the property). or viewing does not constitute, an attorney-client relationship. Its a law that obligates home sellers to disclose in writing any known material defects about their property. Miami, FL. certain information about a property unless they were expressly asked by buyers The best way to deal with the houses history is to disclose the houses history. Home Defects Discovered After the Sale - FindLaw Then get in touch with our experienced team of civil litigation lawyers at Massillamany Jeter & Carson LLP to discuss your case.