I read several years ago that we should only have our sellers sign disclosures that were mandated by law. Required disclosures are our Property Disclosures (Residential Real Property Disclosure Report), Lead Based Paint Disclosure for homes built prior to 1978 and the Radon Report. Some lenders require the Lead Based Paint form for all homes, which I think is ridiculous as the form explicitly states that it is for properties built "prior to 1978", so I don't understand why some lenders don't accept the date as lead was removed from paint in 1978. I do not have my sellers sign that one if their home was built after 1978. If a buyer's lender requires it we can argue the fact or sign one at that point.
Some years back a Mold Disclosure was created and as time went on agents started having their sellers sign it. It's not much of an actual disclosure - it just stated that a mold test was or was not done by the seller and if it was done states if mold was found. It also explains a little about mold to the buyers. It was never required by law. I didn't use it for a very long time but when it seemed like everyone else was using it I jumped on the bandwagon because at that point it was expected.
I even ran into an issue with it on a Palos Park house my buyers purchased. The bank they used had a processing center out of state. The processor asked my buyer when the mold inspection was going to be done by the seller. My buyer asked me and I had to explain to her that if the regular inspector finds mold then we get a quote from mold specialists, but there isn't a special mold inspection required. She then had to explain this to the processor (she actually worked at this bank in Illinois, otherwise I would have educated the processor). Just an additional point of confusion on a form that isn't even required by law.
I read an article in our state association magazine that the disclosures will no longer be made available by the IAR (Illinois REALTOR Association) and it is suggested they no longer be used. The video below will give their explanation, which makes perfect sense.
I posted this information on my brokerage's Facebook group and received a bit of backlash from one of my fellow agents. She felt better be safe than sorry and just because one attorney suggests not having sellers sign disclosures not required by law, other attorneys she has spoken to have said the opposite. I'm going to listen to an attorney that was published in our association's magazine (this was published years ago) and the newest information provided by IAR. If they're no longer providing the form to use, then I won't use the template I currently have.