RISMEDIA, Dec. 20, 2007-When a buyer and seller sign a contract on residential real estate property in Illinois on or after January 1, 2008, the new Illinois Radon Awareness Act will apply to the sales transaction. According to the new law, the seller must supply the buyer with two documents before the buyer will become bound on a contract to purchase the property. The first is a pamphlet from the Illinois Emergency Management Agency (IEMA) entitled “Radon Testing Guidelines for Real Estate Transactions.” The second is a form to sign called “Disclosure of Information on Radon Hazards.”
According to IEMA, radon is a colorless, odorless, radioactive gas that comes from naturally occurring uranium in the soil and is the leading cause of lung cancer among non-smokers.
“Realtors® are working to educate consumers about the new radon law which affects certain residential real estate sales transactions entered on or after January 1, 2008,” said Virginia “Ginger” Downs, president of the Chicago Association of Realtors®. “The law aims to boost radon awareness and does not require a radon test.”
To better familiarize Chicago-area Realtors® with the new law, the Chicago Association of Realtors is offering the course “Radon and Real Estate” on January 29, 2008.
“Educating our Realtors is always the first step toward educating our clients and consumers,” Ginger Downs said.
Although the new law does not require sellers to test for radon in the home or to reduce the concentration if elevated levels are found, the seller and buyer are free to negotiate whether further testing or remediation are necessary. In most cases, a seller will simply provide the two documents to the buyer before the contract takes effect.
The law only applies to residential properties with “not less than one nor more than four residential dwelling units.” There are some exemptions including residential real estate property transfers that result from the following:
– A court order
– Transfer to a mortgagor to a mortgagee after foreclosure
– To a fiduciary through an estate, guardianship, conservatorship or trust
– A transfer between co-workers
– A transfer from an estate according to provisions in a will, or to statue where there is no will
– Transfer to a spouse or other blood relation
– A relocation company who has taken the title, where the original seller has provided the required disclosures
– To or from a governmental body
In addition, since the law is not effective until January 1, 2008, it only applies to residential transactions entered on or after this date. If you have a contract pending that was signed prior to January 1, 2008, the law will not apply.
For more information, visit www.ChicagoREALTOR.com
