Waiver of Delivery Requirement

What is the Waiver of Delivery Requirement

The waiver of delivery requirement is an agreement which is entered into by a transfer or, the transferee as well as the lender if there is one. In this agreement it is decided by the parties that the time period which is applicable for delivering the disclosure document as per the Illinois Responsible Property Act can be waived.

As per the Act which is also referred to as the IRPTA it is stated that when transfers are done after Jan 1, 1990 with regards to property, the transferor in 30 days needs to execute a written contract where the transfer of the property is done. This cannot be done later than 30 days before transferring the property which is as per the laws of the Act. It states that the transferee and the lenders are to be given the disclosure document in that time frame.

As per the Act however, the parties can waive off the time period if they all agree by written consent that they understand the purpose as well as the intent of the disclosure document and they understand the waiver provision.

When the parties agree and sign the document, they are made aware that there are environmental liabilities as well as there are liabilities with regards to past usage and the environmental status of these properties.

It is stated as per the agreement that the parties will act responsibly and fulfill all the purposes as well as the intents which the environmental laws which are in existence serve.

Waiver Of Delivery Requirement

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Sample Template Preview

Waiver of delivery requirement.

This agreement is made and entered into by and between the following parties: _________(transferor), _________(transferee), and if applicable, _________(lender), for the purposes of waiving the time period for delivery of a disclosure document pursuant to the Illinois Responsible Property Act. This disclosure document is required for the transfer of the following property:
Address of property: _________
Permanent Real Estate Index No.: _________
Section 4(a) the Illinois Responsible Property Act (IRPTA) provides that:
“For all transfers of real property subject to this Act which occur after January 1, 1990, the transferor shall, within 30 days following execution of a written contract, if any, for the transfer of the property, but not later than 30 days prior to the transfer of real property subject to this Act, deliver to the transferee, if any, and the lender, if any, a disclosure document.”
Section 4(b) of IRPTA provides that:
“The parties to the transfer of real property subject to this Act may waive the time period specified in subsection (a) of this Section 4 if all such parties indicate in writing that they are aware of the purpose and intent of the disclosure document. Notwithstanding the waiver provision contained in this subsection (b) the disclosure document provided for in Section 5 must be delivered to all parties to the real property transfer on or before the date of transfer of the real property.”
Accordingly, the undersigned parties here agree to waive the time period for delivery of a disclosure document as specified in Section 4(a) of the Illinois Responsible Property Act. The parties certify that they have read and understand the above quoted statutory provisions. Furthermore, the parties certify that they are aware of the purpose and intent of the disclosure document, which is: to ensure that parties involved in certain real estate transactions are made aware of the existing environmental liabilities associated with ownership of such properties, as well as the past use and environmental status of such properties; and to ensure that the interest of the People of the State is protected by providing a mechanism by which parties to a real estate transaction are advised of the environmental condition of such property and thus are encouraged to act in a responsible manner so as to fulfill the purpose and intent of existing environmental laws.
In witness, the parties execute this agreement.
TRANSFEROR _________
TRANSFEREE _________
LENDER _________
Dated: _________