HB0214 95TH GENERAL ASSEMBLY

LRB095 04377 LCT 24420 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0214

Introduced 1/19/2007, by Rep. Jim Sacia

SYNOPSIS AS INTRODUCED:

765 ILCS 77/15

Amends the Residential Real Property Disclosure Act. Provides that the seller or agent of newly constructed residential real property must disclose in writing to any prospective buyer prior to closing whether the property is in a flood plain or, if known, in an area prone to flooding.

A BILL FOR

AN ACT concerning property.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Residential Real Property Disclosure Act is amended by changing Section 15 as follows:

(765 ILCS 77/15)

Sec. 15. The provisions of this Act do not apply to the following:

(1) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfers pursuant to an order of possession, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.

(2) Transfers from a mortgagor to a mortgagee by deed in lieu of foreclosure or consent judgment, transfer by judicial deed issued pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.

(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.

(4) Transfers from one co-owner to one or more other co-owners.

(5) Transfers pursuant to testate or intestate succession.

(6) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the sellers.

(7) Transfers from an entity that has taken title to residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure form furnished to the entity by the seller.

(8) Transfers to or from any governmental entity.

(9) Transfers of newly constructed residential real property that has not been occupied, except that the seller or agent of newly constructed residential real property must disclose in writing to any prospective buyer prior to closing whether the property is in a flood plain or, if known, in an area prone to flooding.

(Source: P.A. 88-111.)