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IL HB2098
Bill
Status
8/4/2023
Primary Sponsor
Curtis Tarver
Click for details
AI Summary
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Amends the Residential Real Property Disclosure Act to modify the definition of "seller" under Illinois law (765 ILCS 77/5).
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Expands the definition of "seller" to include beneficiaries of Illinois land trusts and persons with legal or equitable interests in residential real property as owners, trust beneficiaries, heirs, or ground lease lessees.
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Excludes from the definition of "seller" any beneficiary who has never occupied the residential real property and has never had management responsibility for it.
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Applies to residential real property with 1-4 dwelling units, cooperative units, condominium units, and manufactured homes classified as real property.
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Takes effect upon becoming law.
Legislative Description
PROPERTY DISCLOSURE-SELLER-DEF
Last Action
Public Act . . . . . . . . . 103-0427
8/4/2023