IL HB3973

Requires sellers and developers to disclose material and latent defects in condominium units and common elements to purchasers in an initial sale using a standardized disclosure report form.

Defines "aware" as actual notice or knowledge without investigation, "material defect" as conditions substantially affecting unit value or occupant safety, and "latent defect" as hidden conditions not discoverable through reasonable inspection.

Mandates developers establish an escrow account equal to 10% of aggregate initial sale prices of all units, maintained at a federally insured institution for minimum 2 years to fund repairs of material or latent defects.

Requires the same disclosure report be provided to subsequent purchasers if the resale occurs within 18 months of the initial sale.

Prohibits waiver of the escrow requirement by any unit buyer, owner, or association, and allows unit buyers or associations to sue developers for damages and attorney's fees for violations.