Environmental
The Illinois Responsible Property Transfer Act requires disclosure of environmental conditions when:
AAny residential property is sold in Illinois
BCertain commercial and industrial properties that have generated hazardous substances are transferred✓ Correct
CA property is within 1,000 feet of a landfill
DA property's appraised value exceeds $500,000
Explanation
The Illinois Responsible Property Transfer Act (IRPTA) requires disclosure of environmental conditions when certain commercial and industrial properties that have used, generated, transported, or disposed of hazardous substances are transferred. Sellers must provide a document disclosure statement describing environmental conditions.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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