Public Act 103-0427
HB2098 EnrolledLRB103 26964 LNS 53329 b HB2098 Enrolled LRB103 26964 LNS 53329 b
HB2098 Enrolled LRB103 26964 LNS 53329 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Residential Real Property Disclosure Act is
amended by changing Section 5 as follows:
(765 ILCS 77/5)
Sec. 5. Definitions. As used in this Act, unless the
context otherwise requires, the following terms have the
meaning given in this Section:
"Residential real property" means real property improved
with not less than one nor more than 4 residential dwelling
units; units in residential cooperatives; or, condominium
units, including the limited common elements allocated to the
exclusive use thereof that form an integral part of the
condominium unit. The term includes a manufactured home as
defined in subdivision (53) of Section 9-102 of the Uniform
Commercial Code that is real property as defined in the
Conveyance and Encumbrance of Manufactured Homes as Real
Property and Severance Act.
"Seller" means every person or entity who:
(1) is a beneficiary of an Illinois land trust; or
(2) has an interest, legal or equitable, in
residential real property as:
HB2098 Enrolled LRB103 26964 LNS 53329 b
(i) an owner;
(ii) a beneficiary of a trust;
(iii) a beneficiary pursuant to testate
disposition, intestate succession, or a transfer on
death instrument; or
(iv) a contract purchaser or lessee of a ground
lease.
"Seller" does not include a party to a transfer that is
exempt under Section 15 or a beneficiary who has both (i) never
occupied the residential real property and (ii) never had
management responsibility for the residential real property.
"Prospective buyer" means any person or entity negotiating
or offering to become an owner or lessee of a ground lease of
residential real property by means of a transfer for value to
which this Act applies.
"Contract" means a written agreement by the seller and
prospective buyer that would, subject to the satisfaction of
any negotiated contingencies, require the prospective buyer to
accept a transfer of the residential real property.
(Source: P.A. 102-765, eff. 5-13-22.)
Section 99. Effective date. This Act takes effect upon
becoming law.