Suppose someone died in the house you are about to buy, or that it was once the hideout for a notorious criminal. Or, what if the house is allegedly haunted, or there was a violent crime that occurred in the house? Would you want to know these things? Would you feel as though you were entitled to know? Under the Illinois Residential Real Property Disclosure Act (765 ILCS 77), only physical defects and material conditions must be disclosed to buyers.
Under the Illinois Real Estate License Act (225 ILCS 454/), brokers are required to be honest, but must only disclose facts that have a direct and detrimental physical effect on the property, which excludes nonphysical “stigma.” If you are unsure what constitutes a “stigmatized property,” it is important that you speak to an experienced Gurnee, IL real estate attorney. Having a knowledgeable real estate lawyer who can help ensure you do not make any missteps that could be hard to recover from gives you a definite advantage when purchasing property in Illinois.