Answer:
In Illinois, if a seller learns of a new property defect after the sales contract has been signed, they are generally required to disclose this defect to the buyer. Illinois law imposes a duty on sellers to disclose any material defects or issues with the property that could affect its value or desirability.
Explanation:If the defect is significant and was not disclosed prior to closing, the buyer may have grounds to take legal action against the seller for failure to disclose. Remedies could include rescinding the contract, obtaining compensation for repairs, or other appropriate relief depending on the specifics of the situation and the terms of the contract.
It's important for sellers in Illinois (and generally in most jurisdictions) to be proactive in disclosing any known defects as soon as they become aware of them, even if it's after the initial contract has been signed but before closing. This helps maintain transparency and fairness in real estate transactions.