Disclosure Laws in Real Estate, California Vs. Illinois Essay

Disclosure Laws in Real Estate, California Vs. Illinois - Essay Example The essay "Disclosure Laws in Real Estate, California Vs. Illinois" discusses the disclosure laws in California and Illinois residential real estate. They are not completely different, but they do have some distinct aspects. Both states require forms to be filled out. However, the liability completely falls on the shoulders of the seller in California, while in Illinois the liability for the property is not completely the seller’s responsibility. This is not altogether uncommon from Illinois residential property law, which also applies to the same amount of dwelling units. Additionally, within the disclosure forms of each state, any defects in the properties must be duly noted. This is confirmed by Galaty et. al. in the book Modern Real Estate Practice in Illinois.In law, liability is a serious issue. Liability is basically one’s financial and legal responsibility towards an issue - in this case, for the property. One’s financial liability with regards to propert y includes the fact that the person not only pays their property taxes on time but also pays all of the utilities. Additionally, financial liability with regard to any sort of property includes the fact that there must be a liability with regard to property loss. This is especially problematic in California, where any kind of property loss could preclude a financial liability investigation of such a loss. Legal responsibility with regard to property includes the fact that one must be responsible for any acts which occur on the property.