News & Issues: Policy Statements

New Residential Property Disclosure

The Real Estate Licensing and Registration Act, the Real Estate Seller's Disclosure Act, the Planned Communities Act, and the Co-Op and Condominium Act provide ample guidance regarding licensees' obligations to their clients, and establish penalties for non-compliance. Thus, local disclosure ordinances are an unnecessary layer of bureaucracy for real estate licensees and consumers of real estate services.

Prospective purchasers are best served when they are advised of issues that could impact their decision about whether to purchase the property. Prospective purchasers could then choose to consult with an appropriate professional or government official to ensure they receive appropriate documentation to make an informed decision.

Municipalities wishing to develop local disclosure ordinances must be prepared to participate in the dissemination and explanation of zoning information to prospective purchasers. If a real estate licensee provides advice and/or opinions about local zoning code, it could be construed as an unauthorized practice of law.

 
 

Municipal Information

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Municipal Database: As an added service to our shareholders, local governments and consumers of real estate, the Suburban REALTORS Alliance has created a municipal database that provides a comprehensive snapshot of the real estate-related regulations and ordinances that have been enacted by the 238 municipalities in the Alliance's four county territory. The database is frequently updated by staff, in cooperation with municipal authorities.