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| 1 | AN ACT concerning civil law.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Residential Real Property Disclosure Act is | ||||||
| 5 | amended by changing Section 5 as follows:
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| 6 | (765 ILCS 77/5)
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| 7 | Sec. 5. Definitions. As used in this Act, unless the | ||||||
| 8 | context otherwise
requires, the
following terms have the | ||||||
| 9 | meaning given in this Section:
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| 10 | "Residential real property" means real property improved | ||||||
| 11 | with not less
than one nor more than 4 residential dwelling | ||||||
| 12 | units; units in residential
cooperatives; or, condominium | ||||||
| 13 | units, including the limited common elements
allocated to the | ||||||
| 14 | exclusive use thereof that form an integral part of the
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| 15 | condominium unit. The term includes a manufactured home as | ||||||
| 16 | defined in subdivision (53) of Section 9-102 of the Uniform | ||||||
| 17 | Commercial Code that is real property as defined in the | ||||||
| 18 | Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
| 19 | Property and Severance Act.
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| 20 | "Seller" means every person or entity who: | ||||||
| 21 | (1) is a beneficiary of an Illinois land trust; or | ||||||
| 22 | (2) has an interest, legal or equitable, in | ||||||
| 23 | residential real property as: | ||||||
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| 1 | (i) an owner; | ||||||
| 2 | (ii) a beneficiary of a
trust; | ||||||
| 3 | (iii) a beneficiary pursuant to testate | ||||||
| 4 | disposition, intestate succession, or a transfer on | ||||||
| 5 | death instrument; or | ||||||
| 6 | (iv) a contract purchaser or lessee of a ground | ||||||
| 7 | lease. | ||||||
| 8 | "Seller" does not include a party to a transfer that is | ||||||
| 9 | exempt under Section 15 or a beneficiary who has both (i) never | ||||||
| 10 | occupied the residential real property and (ii) never had | ||||||
| 11 | management responsibility for the residential real property.
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| 12 | "Prospective buyer" means any person or entity negotiating | ||||||
| 13 | or offering
to become an owner or lessee of a ground lease of | ||||||
| 14 | residential real property by means of a
transfer for value to | ||||||
| 15 | which this Act applies. | ||||||
| 16 | "Contract" means a written agreement by the seller and | ||||||
| 17 | prospective buyer that would, subject to the satisfaction of | ||||||
| 18 | any negotiated contingencies, require the prospective buyer to | ||||||
| 19 | accept a transfer of the residential real property.
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| 20 | (Source: P.A. 102-765, eff. 5-13-22.)
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| 21 | Section 99. Effective date. This Act takes effect upon | ||||||
| 22 | becoming law.
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