Attention Illinois REALTORS®: Following the enactment of Public Act 102-0765, which updated the Illinois Residential Real Property Disclosure Act, a new version of the report (also known as the seller disclosure form) must now be used.

Illinois REALTORS® Legal Services Team has created this guidance document outlining the new changes to the Act and to the form. Illinois REALTORS® members also can access a copy of the new Disclosure Report form, but member login to the Illinois REALTORS®’ website is required.

Illinois REALTORS® was able to work with the Illinois Real Estate Lawyers Association on this agreed bill that the governor signed very quickly. As the guidance document explains, there are not many substantive changes, but the Act has been made more current and clarifies some common questions. The new report should be used in lieu of the former version, effective immediately*.

In the podcast at the top of this blog post, Illinois REALTORS® General Counsel and Vice President Legal Services Betsy Urbance reviews the changes in an easy-to-listen format.

* The best practice would be for sellers to complete a new report using the new form for any listing that is/was not under contract on or before May 13, 2022. They should also be advised to consult with their own attorneys for specific legal advice.