Illinois and/or Federal real estate law provide that Sellers make the following disclosures to prospective Purchasers in writing, and that Purchasers must acknowledge such disclosure:
1. An itemized report titled Residential Real Property Disclosure Report indicates the Seller's disclosure of pertinent material conditions about the property. Note that certain types of sales are exempt from this reporting requirement, most notably, new construction not previously occupied, and properties sold due to judicial order, estates, etc. The reverse side of the disclosure contains a list of the nine categories of exempted property.
2. A disclosure of information regarding lead-based paint and/or lead-based paint hazards. This disclosure is a requirement for sales, and rentals, of property containing residential dwellings built prior to 1978.
3. A disclosure of information regarding Radon Awareness Hazards on the property. This disclosure was made mandatory beginning January 1, 2008, and amended August, 2009, for all residential sales of properties containing one to four units. The Radon Awareness Act excludes certain types of transfers of residential transactions, which are summarized as follows:
Also, note that new construction is not exempt from this disclosure. Source: Illinois Association of Realtors Web Site
4. For sales, and rentals, of properties located in the City of Chicago, gas & electric heating cost disclosures are required. Exempt from disclosure are condominiums, co-operatives and types of dwellings where the primary source of heat is provided centrally by the landlord, or building management, and the heating energy costs are shared & billed indirectly (via monthly assessments, for example) on some basis unrelated to the individual dwelling unit's usage, such as an allocation based on floor space (square footage).