What to do with Stigmatized Properties?
Do you have to disclose these situations:
Your listing had a multiple murder or a suicide occured. Previous or current owner has AIDS?!?!
What part does disclosure play in these types of situations? How do you price or go about selling the property?
There are two types of stigmas: material stigmas and psychological stigmas. Material stigmas are the ones such as leaky roof, structural damage, asbestos, lead paint.
The other type of stigma, the psychological ostigma, is not so easy to define since it deals with individual perceptions of a situation or occurrence: murder, suicide, AIDS, criminal activity, ghosts or hauntings... Although they do not directly affect the physical condition of the property itself, some may think these occurrences play a part in the purchasing decision.
Illinois Law
Illinois License Law indicates that disclosure is only necessary when the stigma has an actual physical impact on the property itself. However, there somtimes there can be a fine line between something that actually impacts the property and something that does not. For example, what do you do when, say, a paroled sex offender lives in the neighborhood? It does not affect the physical condition of the property itself, but it may stigmatize the property. Probably, the best philosophy is if you are in doubt then disclose if disclosure does not affect a protected class like HIV positive individuals.
Your listing had a multiple murder or a suicide occured. Previous or current owner has AIDS?!?!
What part does disclosure play in these types of situations? How do you price or go about selling the property?
There are two types of stigmas: material stigmas and psychological stigmas. Material stigmas are the ones such as leaky roof, structural damage, asbestos, lead paint.
The other type of stigma, the psychological ostigma, is not so easy to define since it deals with individual perceptions of a situation or occurrence: murder, suicide, AIDS, criminal activity, ghosts or hauntings... Although they do not directly affect the physical condition of the property itself, some may think these occurrences play a part in the purchasing decision.
Illinois Law
Illinois License Law indicates that disclosure is only necessary when the stigma has an actual physical impact on the property itself. However, there somtimes there can be a fine line between something that actually impacts the property and something that does not. For example, what do you do when, say, a paroled sex offender lives in the neighborhood? It does not affect the physical condition of the property itself, but it may stigmatize the property. Probably, the best philosophy is if you are in doubt then disclose if disclosure does not affect a protected class like HIV positive individuals.
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