What Is the Statute of Limitations on Real Estate Fraud in Illinois?

Providing fraudulent information during the sale of real estate is not necessarily actionable.

Real estate fraud pertains to the provision of false information to a consumer in order to secure the sale of a parcel of real estate. The State of Illinois covers real estate fraud under the Consumer Fraud and Deceptive Business Practices Act.

3-Day Rule

Under 815 ILCS 505/2B, the sale of real estate that is outside Illinois in which the sale occurs within the purchaser's residence, may be voided within three business days. At the time of signing, the seller must provide the purchaser with a notice of this provision and the date on which the transaction occurred.

Unknowingly False Information

Under 815 ILCS 505/10b, the Illinois provision does not apply to false claims made by a real estate notice if the agent was unaware that the claims were false at the time the deal was concluded.

Knowingly False Claims

If the agent or broker knowingly made false or deceptive information, then the purchaser has three years to bring a claim under the statute for consumer fraud.

References

• Illinois Consumer Fraud and Deceptive Business Practices Act