In Illinois is it required for a sellerbank to disclose if a home has asbestos?

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In Illinois is it required for a sellerbank to disclose if a home has asbestos?

I purchased a home that needed to be
renovated and found out it has
asbestos after the purchase. Should
the bank have disclosed that? Thanks

Asked on September 6, 2016 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If they knew it, they must disclose it; a failure to disclose such a material (or important) fact when known is fraud, and fraud can provide a basis to rescind a contract (e.g. undo the sale) and/or get monetary compensation (such as for the cost to remdiate the asbestos).
But it's only fraud if they knew and did not disclose. If they did not know, and reasonably or logically would not have known, that there was asbestos, they did nothing wrong in not disclosing it; you can only disclose what you know, after all. 
A bank did not live in the home, and if they received the home via foreclose, most likely did not receive disclosure about the home from the prior owner. A bank seller likely did not know, and would not have known, about asbestos, and so if you bought it from a bank which acquired the home in foreclosure, they are most likely not liable in any way unless you  can somehow prove (e.g. from emails or corresondence or inspection reports) that they did in fact know of the asbestos. But if you can't prove their knowledge, they would not be liable.


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