Full Text of HB0214 95th General Assembly
HB0214 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0214
Introduced 1/19/2007, by Rep. Jim Sacia SYNOPSIS AS INTRODUCED: |
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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.
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A BILL FOR
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HB0214 |
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LRB095 04377 LCT 24420 b |
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| AN ACT concerning property.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Residential Real Property Disclosure Act is | 5 |
| amended by changing Section 15 as follows:
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| (765 ILCS 77/15)
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| Sec. 15. The provisions of this Act do not apply to the | 8 |
| following:
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| (1) Transfers pursuant to court order, including, but not
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| 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,
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| transfers by a trustee in bankruptcy, transfers by eminent | 15 |
| domain, and
transfers resulting from a decree for specific | 16 |
| performance.
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| (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
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| mortgagee's secured position or a beneficiary under a deed in |
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HB0214 |
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LRB095 04377 LCT 24420 b |
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| trust who has
acquired the real property
by deed in lieu of | 2 |
| foreclosure, consent judgment or judicial deed issued
pursuant | 3 |
| to a foreclosure sale.
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| (3) Transfers by a fiduciary in the course of the | 5 |
| administration of a
decedent's estate, guardianship, | 6 |
| conservatorship, or trust.
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| (4) Transfers from one co-owner to one or more other | 8 |
| co-owners.
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| (5) Transfers pursuant to testate or intestate succession.
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| (6) Transfers made to a spouse, or to a person or persons
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| in the lineal line of consanguinity of one or more of the | 12 |
| sellers.
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| (7) Transfers from an entity that has taken title to
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| residential real property from a seller for the purpose of | 15 |
| assisting
in the relocation of the seller, so long as the | 16 |
| entity
makes available to all prospective buyers a copy of the | 17 |
| disclosure form
furnished to the entity by the seller.
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| (8) Transfers to or from any governmental entity.
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| (9) Transfers of newly constructed residential real | 20 |
| property that has not
been occupied , except that the seller or | 21 |
| agent of newly constructed residential real property must | 22 |
| disclose in writing to any prospective buyer prior to closing | 23 |
| whether the property is in a flood plain or, if known, in an | 24 |
| area prone to flooding .
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| (Source: P.A. 88-111.)
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