HB2098 EnrolledLRB103 26964 LNS 53329 b HB2098 Enrolled LRB103 26964 LNS 53329 b
HB2098 Enrolled LRB103 26964 LNS 53329 b
1 AN ACT concerning civil law.
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 5 as follows:
6 (765 ILCS 77/5)
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:
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
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.
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 Enrolled LRB103 26964 LNS 53329 b
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HB2098 Enrolled - 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
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.
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.
20 (Source: P.A. 102-765, eff. 5-13-22.)
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.
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