|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0214
Introduced 1/19/2007, by Rep. Jim Sacia SYNOPSIS AS INTRODUCED: |
|
|
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
|
|
|
|
|
HB0214 |
|
LRB095 04377 LCT 24420 b |
|
|
1 |
| AN ACT concerning property.
|
2 |
| Be it enacted by the People of the State of Illinois,
|
3 |
| represented in the General Assembly:
|
4 |
| Section 5. The Residential Real Property Disclosure Act is |
5 |
| amended by changing Section 15 as follows:
|
6 |
| (765 ILCS 77/15)
|
7 |
| Sec. 15. The provisions of this Act do not apply to the |
8 |
| following:
|
9 |
| (1) Transfers pursuant to court order, including, but not
|
10 |
| limited to, transfers ordered by a probate court in |
11 |
| administration of an
estate, transfers between spouses |
12 |
| resulting from a judgment of dissolution of
marriage or legal |
13 |
| separation, transfers pursuant to an order of possession,
|
14 |
| transfers by a trustee in bankruptcy, transfers by eminent |
15 |
| domain, and
transfers resulting from a decree for specific |
16 |
| performance.
|
17 |
| (2) Transfers from a mortgagor to a mortgagee by deed in |
18 |
| lieu of
foreclosure or consent judgment, transfer by judicial |
19 |
| deed issued pursuant to a
foreclosure sale to the successful |
20 |
| bidder or the assignee of a certificate of
sale, transfer by a |
21 |
| collateral assignment of a beneficial interest of a land
trust, |
22 |
| or a transfer by a mortgagee or a successor in interest to the
|
23 |
| mortgagee's secured position or a beneficiary under a deed in |