HB4322 Summary

• Amends the Residential Real Property Disclosure Act to expand the definition of "seller" to include beneficiaries of Illinois land trusts and beneficiaries of testate dispositions, intestate succession, or transfer on death instruments.

• Requires sellers to deliver the disclosure report to prospective buyers before signing a contract (previously stated more broadly), and adds a new question about current flood hazard insurance on the property disclosure form.

• Establishes that if a seller discloses a material defect in a supplemental disclosure after contract signing, the prospective buyer can only terminate if the defect resulted from the seller's prior knowledge, is not repairable, or the seller declines to repair it within 5 business days.

• Expands delivery methods for the disclosure report to include email and other electronic delivery methods in addition to personal delivery, facsimile, and mail.

• Changes the definition of "aware" in the disclosure form from "have actual notice or actual knowledge" and clarifies that previous problems reasonably believed to be corrected need not be disclosed.