Disclosures Required in Illinois Real Estate Closings:
Home buyers need to be protected from encountering property problems and from the sellers who don’t disclose property defects.
To address this, the state of Illinois passed the Residential Real Property Disclosure Act. This law obligates home sellers to disclose in writing any known material defects about their property.
After the execution of the real estate contract, the seller must provide to the buyer certain disclosures regarding the seller’s knowledge of potential hazardous conditions. These may include:
- DISCLOSURE OF INFORMATION ON RADON HAZARDS;
- Disclosure of Lead-Based Paint Hazards;
- Disclosure of Hazardous Mold; and
- The Illinois Residential Real Property Disclosure Report, which requires you to list any known defects to the major structural elements of the home.
Radon Warning Statement
Radon is a naturally-occurring radioactive gas that can cause lung cancer. Radon gas is inert, colorless and odorless. Radon is naturally in the atmosphere in trace amounts.
Every buyer of any interest in residential real property is notified that the property may present exposure to dangerous levels of indoor radon gas that may place the occupants at risk of developing radon induced lung cancer. Radon, a Class-A human carcinogen, is the leading cause of lung cancer in nonsmokers and the second leading cause overall. The seller of any interest in residential real property is required to provide the buyer with any information on radon test results of the dwelling showing elevated levels of radon in the seller’s possession.
The Illinois Emergency Management Agency (IEMA) strongly recommends ALL homebuyers have an indoor radon test performed prior to purchase or taking occupancy, and mitigated if elevated levels are found. Elevated radon concentrations can easily be reduced by a qualified, licensed radon mitigator.
The Illinois Radon Awareness Act and the Illinois Real Property Disclosure Act requires that a seller of a home disclose information if aware of unsafe concentrations of radon in the home. The acts do not require that testing or remediation work be conducted.
Form for Disclosure of Information on Radon Hazards – This form may be used to satisfy the requirements of the Radon Awareness Act. This form has been reviewed by the Illinois Department of Financial and Professional Regulation (IDFPR).
