Legal Question in Real Estate Law in Illinois
Do you have to disclose flooding if it is a forclosure? I purchased a forclosure 3 years ago and no one told me it flooded the year before i bought it. It also flooded last year. I can't deal with this anymore. Is the realtor rsponsible to tell me this information?
2 Answers from Attorneys
Disclosure is only required if a party is aware of a defect. It is unlikely that the real estate agent or the seller (assuming the seller was the foreclosing bank), knew of the problem, though it is certainly possible. If you have evidence that either of them knew of the defect, you might have a case.
I agree with Mr. Moens. Illinois law exempts sellers who have not occupied property for 12 months prior to providing a standard disclose form and lenders regardless of occupancy unless they had actual knowledge. Brokers are not liable to make any disclosure unless the have actual knowledge.
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