Illinois real estate laws form part of Chapter 225 – Professions, Occupations and Business Operations of the Illinois Compiled Statutes. Some legal issues, such as seller disclosure and purchase contracts, are very complicated. This article should help to make them easier to understand for home buyers in Illinois.
Why Should A Buyer Appoint A Real Estate Agent?
Before buying a home or a property in Illinois, a buyer should enter into a contract with a real estate agent. He or she can help you to buy the best home or property in Illinois because they:
- know the locality or the community well, know about home or property prices
- know about Illinois real estate laws and real estate market conditions
- may have the ability to find homes or property which will ideally suit your budget
- have experience with viable offers, legal procedure and paperwork
- are experienced in negotiating final deals
A home seller pays all of the real estate commission including real estate agent fees. So, the home buyer in Illinois does not need to bear any cost of the agents. The home seller must usually pay 5% to 6% of the house sale price to both selling and buying agents.
Personal referrals from other home buyers are the best options when selecting an Illinois real estate agent. Alternatively, a home buyer can find a licensed Illinois real estate agent on the Illinois Department of Financial and Professional Regulation’s website.
What about seller disclosure requirements in Illinois real estate laws?
According to Chapter 765 of the Illinois Compiled Statutes, a home seller must give a completed disclosure form to the home buyer. That form will include:
- Details of any material defects
- Risky situations or conditions, such as:
- cracks in the foundation
- unsafe drinking water
- any disputes with the neighbors over boundary lines
- past meth lab use
- a termite infestation
All of the above will affect the value of the property or home. They will also affect the health or the safety of the home buyer.
Under Illinois real estate laws, a seller has to provide radon disclosure as well. If there are any radon hazards in the home or property, the home seller should disclose them to the home buyer. The Illinois Emergency Management recommends that buyers should test for radon in the home or property.
If the home is old (built before 1978), the home seller should disclose any lead-based paint and hazards according to Title X of Federal Law.
Why Should A Home Buyer Appoint A Home Inspector?
A home buyer should not solely rely on the home seller’s disclosures. He or she should appoint an independent home inspector to inspect the property.
A proper inspection report will help the buyer get information about the defects in the home or property. These can include problems with heating or cooling systems, electrical systems, plumbing, walls, drainage, basement, foundation, and flooring.
After receiving the report, a home buyer may proceed to sign the agreement with the seller.
If the home seller fails to disclose the defects, then under Illinois real estate laws, the buyer can file a lawsuit against the seller. The court can then give the remedies.
However, the lawsuit can take a long time to be finalized. Therefore, it is better to inspect the home or property thoroughly before buying.
Please do contact our qualified Real Estate Lawyer if you are facing any problems regarding Illinois Real Estate Laws or have any queries.