What document outlines the specifics of property disclosures in Illinois?

The correct option is the Residential Real Property Disclosure Act, which specifically outlines the requirements for property disclosures in Illinois. This law mandates that sellers of residential properties provide written disclosures about the condition of the property to potential buyers, informing them of any known defects or issues. It serves to protect buyers by ensuring they receive all relevant information regarding the property before making a purchase decision.

This act highlights the importance of transparency in real estate transactions, contributing to informed decision-making and reducing the likelihood of disputes arising from undisclosed property defects. It is a critical component of real estate practice in Illinois, as it sets a legal framework for disclosure obligations.

In contrast, the Security Deposit Act primarily governs the handling and return of security deposits, while the Lease Agreement focuses on the terms of leasing a property between landlords and tenants. The Tenant Rights Act outlines the rights and responsibilities of tenants and landlords but does not specifically address property disclosure requirements related to the sale of residential real estate.