For the last year, any executor or trustee trying to sell real estate faced a big problem: There were no buyers.
Now, the real estate market has improved a little so there are some sale contracts finally.
A common question is “Do I (the executor or trustee) have to fill out the property disclosure?”
The answer is NO. An executor in a probate estate, or the trustee of a living trust, does not need to complete the real property disclosure. Here it is in writing if you don’t believe me:
(765 ILCS 77/15)
Sec. 15. The provisions of this Act do not apply to the following:
(1) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate
(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
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