103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2098
 
Introduced 2/7/2023, by Rep. Curtis J. Tarver, II
 
SYNOPSIS AS INTRODUCED:
 

 



765 ILCS 77/5

     Amends the Residential Real Property Disclosure Act. Provides that "seller" does not include a beneficiary who has both (i) never occupied the residential real property and (ii) never had management responsibility for the residential real property. Effective immediately.
  


LRB103 26964 LNS 53329 b

 
 
A BILL FOR
 

  
HB2098LRB103 26964 LNS 53329 b


  
1    AN ACT concerning civil law.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Residential Real Property Disclosure Act is 
5amended  by changing Section 5 as follows:
 



6    (765 ILCS 77/5)



7    Sec. 5. Definitions. As used in this Act, unless the 
8context otherwise
requires, the
following terms have the 
9meaning given in this Section:

10    "Residential real property" means real property improved 
11with not less
than one nor more than 4 residential dwelling 
12units; units in residential
cooperatives; or, condominium 
13units, including the limited common elements
allocated to the 
14exclusive use thereof that form an integral part of the

15condominium unit. The term includes a manufactured home as 
16defined in subdivision (53) of Section 9-102 of the Uniform 
17Commercial Code that is real property as defined in the 
18Conveyance and Encumbrance of Manufactured Homes as Real 
19Property and Severance Act. 

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:
 
 
HB2098- 2 -LRB103 26964 LNS 53329 b

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 
9exempt under Section 15 or a beneficiary who has both (i) never 
10occupied the residential real property and (ii) never had 
11management responsibility for the residential real property. 

12    "Prospective buyer" means any person or entity negotiating 
13or offering
to become an owner or lessee of a ground lease of 
14residential real property by means of a
transfer for value to 
15which this Act applies.
16    "Contract" means a written agreement by the seller and 
17prospective buyer that would, subject to the satisfaction of 
18any negotiated contingencies, require the prospective buyer to 
19accept a transfer of the residential real property. 

20(Source: P.A. 102-765, eff. 5-13-22.)

 
 
21    Section 99. Effective date. This Act takes effect upon 
22becoming law.