(765 ILCS 86/5-25)
(Section scheduled to be repealed on January 1, 2020)
Sec. 5-25. Public property report. When a certificate of registration is granted by the Department, a copy of the public property report shall be given by the owner, subdivider, or agent to each prospective purchaser prior to the execution of any binding contract or agreement for the sale of any lot or parcel in a subdivision. A receipt, in duplicate, shall be taken from each purchaser to evidence compliance with this Section. Receipts taken for any published report shall be kept on file in possession of the owner, subdivider, or agent, subject to inspection by the Department for 3 years from the date the receipt is taken. The report shall not be used for advertising purposes unless the report is used in its entirety. No portion of the report shall be underscored, italicized, or printed in larger or heavier type than any other portion of the report, unless required by this Act. The report shall contain the following statement:
If you received this report prior to signing a
contract or agreement, you may cancel your contract or agreement by giving notice to the seller any time before midnight of the seventh day following the signing of the contract or agreement.
If you did not receive this report before you signed
a contract or agreement, you may cancel the contract or agreement any time within 2 years from the date of signing.
(Source: P.A. 96-855, eff. 12-31-09.)
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Last modified: February 18, 2015