Preparing a listing fact sheet that separates records from estimates
Learn to draft an accurate property fact sheet for your Illinois home sale by clearly distinguishing verifiable records from your own personal estimates.
The short answer
Illinois law requires sellers to disclose known material defects in residential property. A precise fact sheet separates objective home records, such as major appliance ages or permits, from subjective estimates of property condition. By clearly labeling these categories, you protect yourself from liability for misrepresentation while providing buyers with the transparency required under the Residential Real Property Disclosure Act.
Categorizing Your Property Records
Start by gathering objective documentation for your home. This includes receipts for major repairs, copies of building permits, and service records for mechanical systems like HVAC or water heaters. Store these in a dedicated folder separate from your listing documentation.
Worksheet Example: Create a two-column table. Column one lists the item (e.g., Roof replacement), while column two lists the verifiable proof (e.g., Paid invoice dated May 2022). Anything without such a document belongs in your mental notes, not the official fact sheet.
Handling Estimates and Subjective Conditions
Your estimates, such as when a carpet was last replaced if no record exists, are not factual disclosures. If you cannot confirm a condition, do not label it as fact. Instead, leave it blank or note that it is an estimation to avoid inaccurate disclosure claims.
Ask your agent or a licensed professional: 'What is the standard procedure for handling home elements where the exact age or history is unknown?'
Disclosing Material Defects
The Residential Real Property Disclosure Act mandates the disclosure of material defects you have actual knowledge of. These are conditions that impair safety or significantly affect value. This process is distinct from creating a marketing fact sheet; it requires specific legal forms.
If you discover a defect after delivering your disclosure, you must provide a written supplement prior to closing.
Regulatory Compliance for Disclosures
State law governs disclosures for 1-to-4 unit dwellings, including condos and co-ops. Ensure your paperwork includes the required sections of the Act, which must be attached to or printed directly on the disclosure form.
Failing to provide this report allows a buyer to terminate the contract.
Checklist
- Assemble receipts for all significant home improvements made during your ownership.
- Verify your property qualifies for the Residential Real Property Disclosure Act requirements.
- Separate factual permit/repair records from informal condition estimates.
- Draft the official disclosure form noting only known material defects.
- Prepare to deliver the disclosure report via preferred electronic or mail methods.
Common questions
Must I conduct an inspection to fill out the disclosure form?
No, you are not required to perform specific investigations to complete the disclosure form. You are only responsible for disclosing material defects of which you have actual knowledge.
What if I accidentally include an error in my disclosure?
If you become aware of an error or omission after delivery, you must provide a written supplemental disclosure before the property closing.
Sources
- Illinois Residential Real Property Disclosure ActChecked October 12, 2026
- IEMA-OHS — Real estate radon guidanceChecked October 12, 2026
- IRS Publication 523 — Selling Your HomeChecked October 12, 2026
- EPA — Real estate lead-hazard disclosuresChecked October 12, 2026
- SQFT IO — Listing plans and termsChecked October 12, 2026
This guide is general educational content from SQFT IO, prepared with AI assistance. It is not legal, tax or loan advice. Talk with a licensed attorney, tax professional or lender about your situation. SQFT IO Illinois license 478.027617.