New Radeon Law
January 17, 2008
New Radeon Law Requires Info Before Sale
Starting Jan. 1, when a buyer and seller sign a contract on residential real estate property in Illinois, the new Illinois Radon Awareness Act now applies 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. One is a pamphlet from the Illinois Emergency Management Agency, “Radon Testing Guidelines for Real Estate Transactions.” The other is a form to sign called “Disclosure of Information on Radon Hazards.”Radon is an odorless, tasteless gas. It is formed from the radioactive decay of uranium, which is found in small amounts in most rocks and soil. Exposure to high levels of radon results in an increased risk of lung cancer, according to the IEMA.“The new radon law applies to residential properties from single-family homes to four-unit buildings,” said Kay Wirth, president of the Illinois Association of Realtors.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 may 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.If you have a contract pending that was signed before Jan. 1, the law does not apply.
