Contracts
In Illinois, which document is required to disclose known defects in a residential property?
AThe MLS listing agreement
BThe Illinois Residential Real Property Disclosure Report✓ Correct
CThe attorney review addendum
DThe mortgage commitment letter
Explanation
The Illinois Residential Real Property Disclosure Act requires sellers to provide buyers with a Residential Real Property Disclosure Report before signing a contract. This form requires sellers to disclose known defects and conditions affecting the property. Failure to properly disclose can result in rescission of the contract or damages.
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