Risk Reduction Tip

9.19.2016

Fair Housing Disclosure

Public Act No. 16-16 requires that each person who offers a residential property containing two or more units for sale, exchange or for lease with an option to purchase, must obtain a new disclosure form signed by the prospective purchaser.

The disclosure form was created by the Commission on Human Rights and Opportunities, as required by the Public Act. The form contains information on housing discrimination and federal and state fair housing laws.

A duplicate original or exact copy of the disclosure should be provided at the time of closing by the attorney’s involved in the transaction.  REALTORS® may wish to inform their clients to expect this new Disclosure at the closing if the transaction is for a property with two or more residential units. However, there is no legal obligation for real estate licensees to provide this disclosure form prior to or at closing.

The Public Act further provides that a failure to attach the disclosure form as required does not void an otherwise valid purchase agreement, option or lease with purchase option.

The disclosure can be found at this link and is now available in both the GHAR and CTR libraries on zipForm.  It is also available at the Commission on Human Rights and Opportunities website.

A full copy of this act can be found here.


9/16/2016
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